The landlord's legal agreement for the lease of a property, with a condition like "no pets", is referred to as a General Rental Agreement (GRA). This agreement is used to create an agreement between the landlord and tenant which protects both parties from any disputes during the term of the lease. So how do you go about creating one?
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This article will talk about what is considered a GRA and will then give you some ideas on how to create your own GRA, but first I want to make sure that you are aware of what one is and why it is needed. If you are not sure what a GRA is, take a look at the picture below, you'll find out why you need one!
A General Rental Agreement template is very simple and can be used to create a contract for your new business or home, not just the lease on your apartment. The reason that GRA's are so important is that many tenants break their leases during the term of the lease so that they can move out.
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For instance, if you rent out your property for one month a year for a couple of months a year and you have rented the property out for that period and your tenant decides to move out for six months out of the year, you will have lost out on paying for a few weeks' rent, as well as the chance to make more money in that particular month when you re-rent the property again. Therefore the best thing to do is to prevent this problem by creating a contract that includes a no pets clause. A GRA will state clearly in black and white what happens when you break the agreement - you will lose your deposit and you will not be given the chance to re-rent the property.
When creating your GRA for your rental agreement, you must consider all aspects of the lease such as the amount of time that you are going to be renting, when the lease is to expire, what is considered normal wear and tear and the number of days that you are required to leave the property. You should also check whether the property is included in your ownership. The contract should also have a non-compete clause that covers any work carried out by the tenant and any time the tenant does business with someone else.
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Many people forget to include a non-compete clause, even though many people do not realize it until it's too late. A non-compete clause will prevent your tenant from working out at the same time as you again and will prevent the tenant from carrying out any contracts with someone else for a fixed period. A GRA also has a right of refusal clause that allows you to stop the tenant doing anything that breaches the terms of the GRA, or a compulsory purchase clause that will force the tenant to buy back the property.
The most important part of the GRA is that you check the clauses and see that they match the conditions of the lease. A mistake can easily lead to a dispute. This is why you need to ensure that you have read through all the clauses thoroughly and that you have created a GRA that will protect both you and your tenant.
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