Renting out your property as a short-term rental can be a lucrative venture, but it also comes with its fair share of responsibilities. To safeguard your interests and establish a solid foundation for a successful rental experience, it's essential to have a comprehensive short-term rental agreement in place.
In this blog post, I'll walk you through the seven essential clauses that should be included in your short-term rental agreement template or short-term lease template.
1. Parties and Property Description
The first clause in your short-term rental agreement should clearly identify the parties involved: the property owner (the landlord) and the renter (the tenant). Include their legal names, contact information, and addresses. Additionally, provide a detailed description of the property being rented, including its address, unit number (if applicable), and any specific amenities or restrictions.
By clearly outlining the parties involved and accurately describing the property, you establish a solid foundation for the rest of the agreement, avoiding any potential confusion or disputes later on.
2. Rental Term and Renewal
Specify the duration of the rental term in this clause. State the exact start and end dates of the rental period, along with any check-in and check-out times. If applicable, include provisions for automatic renewal or extension of the rental term, along with any conditions or notice requirements.
Clearly defining the rental term ensures that both parties are aware of their obligations and helps avoid misunderstandings or conflicts regarding the duration of the rental.
3. Rent and Security Deposit
This clause addresses the financial aspects of the rental agreement. Clearly state the rental amount, the due dates, and the preferred payment method. Outline the consequences of late or non-payment, including any applicable penalties.
Additionally, specify any security deposit amount, how it should be paid, and the conditions under which it will be returned to the tenant. Be sure to comply with local laws and regulations regarding security deposits to protect both parties.
4. Occupancy and Guest Policies
To maintain the integrity of your property and ensure a comfortable environment for all parties involved, it's crucial to establish occupancy and guest policies. Clearly state the maximum number of occupants allowed and any restrictions regarding additional guests or events.
5. Maintenance and Repairs
This clause sets expectations regarding property maintenance and repairs. Specify the responsibilities of both the landlord and the tenant in terms of routine maintenance, repairs, and any emergency procedures.
Clearly outline the process for reporting maintenance issues, as well as the timeline for addressing repairs. This clause helps ensure that your property remains well-maintained and that any necessary repairs are promptly addressed, minimizing potential disputes.
6. Termination and Early Cancellation
Include a termination clause that outlines the circumstances under which the rental agreement can be terminated by either party. Specify any notice requirements and any penalties or fees associated with early cancellation.
7. Governing Law and Dispute Resolution
In this clause, state the governing law that applies to the rental agreement and any jurisdiction-specific requirements. Also, include a dispute resolution clause, specifying the preferred method for resolving disputes, such as negotiation, mediation, or arbitration.
Crafting a comprehensive short-term rental agreement is essential for property owners to protect their interests and establish a smooth rental experience. Legal Dash's attorney-written short-term rental agreement template incorporates each of the clauses described above, providing you with a robust agreement that safeguards your investment and helps you maintain a positive landlord-tenant relationship.
Happy renting!
Anne
Important Note
The information provided in this blog post is for educational purposes only and does not constitute legal advice. Consult with a qualified attorney to address your specific legal concerns and create a customized last will and testament that best suits your needs.