A Rental Agreement is a legal document between two parties with one the Renter and the other the Owner or the property manager of the real property (or rental unit), real estate or any other property of value.
The Owner would transfer possession but not ownership to the renter through the Rental Agreement to use the property, real estate or any other property for a specific period of time for a specified monthly fee or charge which is referred to as the Rental.
The Owner could include and insist that the Renter insures the property against damages and loss to protect the property so that the Owner does not have to bear any financial loss if the property is damaged or lost.
What the insurance would cover could be mutually agreed upon by the Owner and the Renter at the time the real estate or any other property is handed over to the Renter.
If anything unforeseen happens and the insurance company makes a payment, it is imperative that it is made to the Owner of the property and nobody else.
Any clause could be mutually agreed and included in the Rental Agreement but it would also need to incorporate certain statutory clauses that would be relevant in Utah and cannot be breached by either party which advice would be from the attorney who would draw up the contract. Some contracts are notarized and some are not. At the end of the Rental Agreement the Renter must return the keys, real estate or any other property back to the owner in the same or similar condition that they took the property in.
Sometimes there is wear and tear to the property which could depreciate in value with use whilst others could appreciate in value over time, whatever of the two it is the prerogative of the Owner to ensure that he encompasses these concerns in the Rental Agreement that would be signed at the beginning. In other words, if you damage the property you can be legally responsible for paying for the repairs to the property.
The Rental Agreement should ensure that the ownership rights of the Owner are safeguarded whilst the statutory rights of the Renter some guaranteed under promulgated laws in Utah is also safeguarded.
The Owner cannot forcibly take possession of the property without a court order. The Owner can obtain a court order to evict the tenant or Renter very quickly for non-payment of rent.
At Ascent Law, we help people draft rental agreements and we also help landlords and owners evict non-payment or tenants who violate their leases or rental agreements.
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8833 S. Redwood Road, Suite C
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84088 United States
Telephone: (801) 676-5506
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via Michael Anderson http://www.ascentlawfirm.com/rental-agreements/
Spent a year developing Virgin Mary figurines in Minneapolis, MN. Spent high school summers consulting about circus clowns in Prescott, AZ. In 2008 I was training banjos in Pensacola, FL.