A rental agreement is a binding contract between the owner of a property and the tenant taking it on rent. It defines the pre-discussed terms and conditions along with rights and responsibilities. Both parties agree to follow these promises when signing the contract. Whether you’re an owner or a renter of a property, you must create a well-detailed and validated rental agreement before renting; look for specific points that guarantee you a safe transaction.

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What should be included in a rental agreement?

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The Duration

The start and the end dates should be specified, and what will happen if these dates are not met. Besides that, parties should also know how it will operate if the renter wants to continue using the rental property after the termination date. 

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The Rent and Security Deposit

The rental amount is one of the crucial elements of the agreement. It should be negotiated, and also payment period dates should be specified. This includes the statement of the outcome if there is a delay in payment. An agreed increase in price is another thing about the price elements, and parties should know what the increase will be after the term ends. This means that the increase in price should be specified in the case of continuance using the property.

Along with the amount of the rent, the agreement must define the amount of the security deposit as well as conditions of payback. In this matter, the property inspection is vital to avoid possible conflicts.

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The Property Inspection

Inspecting assets before renting allows seeing the possible damages clearly or clarifying the conflict about the wrong guesses. For instance, let us say there is a rental car and the owner and the renter have a conflict about damage to the painting of the car. At that moment, a simple inspection photo will solve this problem by just looking at the picture taken just before the initial rental day. 

Inspakt offers an excellent opportunity to lead trust in the rental agreement process for that instance and more like this. In Inspakt, inspection fields can be added to the rental agreement. Plus, it is possible to make rental agreement documents two-way: one way to fill out on the day of entry for the initial record and one way to fill out on the day of termination for the final record of the rental property. Then it would easily be compared and contrasted the differences and damages between two instances at different time points. 

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Signature

In order to make an agreement between two parties legally binding, signatures of contributing people should be placed on the agreement. Inspakt presents Digital Biometric Signature to finalize the rental agreements.

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