Renting any type of property, such as a home or car, should inspire you to draft a rental agreement. The agreement is a basic contract that will state the facts about the property and individuals involved in the transaction. In the event that your renter does not adhere to the terms of your agreement, you can use the contract as evidence in a lawsuit against him.
Have the names of the owners of the property and the persons who will be renting the property. Names should be the legal first, middle and last names of each individual who will be living in or using the property.
Provide a description of the property. For a house, describe the land and building, and provide an address and location. For a vehicle, provide the make, model and year of the property. The more information you include, the better.
State each of the terms of the agreement separately. Put in there the length of the agreement, the amount of rent, when it's due and any late fees that may incur. You should also state the procedure for repossession of the property.
Sign the document with the renter in front of a notary. Get copies of identification for each individual signing the agreement. Retain a copy and provide a copy to the renters.