If you`re a landlord or tenant, you know the importance of having a rental agreement form in place. A rental agreement form is a legal document that outlines the terms and conditions of a rental agreement between the landlord and the tenant. It`s a critical document that ensures both parties are on the same page about their obligations and rights.
In 2019, the rental agreement form has changed, and it`s essential to know what`s new. Here are some of the updates that you should look out for:
1. Security Deposit
One of the most significant updates to the rental agreement form in 2019 is the security deposit. The new form now clearly outlines the maximum amount of security deposit that the landlord can charge the tenant. In most states, the maximum security deposit is one month`s rent. This new update ensures that landlords don`t overcharge their tenants and that tenants know what to expect.
2. Move-In Date
Another update to the rental agreement form is the move-in date. The new form now requires the landlord to specify the exact date that the tenant is supposed to move in. This is important because it ensures that both parties are on the same page about when the tenancy begins.
3. Termination Date
The new rental agreement form also requires both parties to specify the termination date of the agreement. This update ensures that tenants know exactly when the tenancy ends and avoid any misunderstandings with the landlord.
4. Late Payment Fees
The new rental agreement form also includes provisions for late payment fees. The landlord is now required to specify the amount of the late payment fee, the date it`s due, and the consequences of not paying it on time. This update ensures that both parties are aware of the late payment policy and avoids any misunderstandings in the future.
In conclusion, the 2019 rental agreement form has made some significant updates, and it`s essential to understand what`s new. As a landlord or tenant, make sure you read and understand the new form before signing it. By doing so, you`ll avoid any future conflicts and ensure a peaceful tenancy.