When it comes to renting out your parking spot, a written agreement is key to ensuring that both you and the renter are on the same page. While verbal agreements may work in some situations, a formal, written parking spot rental agreement can help protect both parties from potential conflicts or misunderstandings.
So, what should you include in a parking spot rental agreement? Here are some important points to cover:
1. Contact Information: Start by including the names and contact information of both parties involved, including full legal names, phone numbers, and email addresses.
2. Description of Space: Clearly describe the parking spot being rented out, including its location and any distinguishing features (such as a reserved sign or specific parking spot number).
3. Rental Terms: This section should outline the rental terms, including the monthly rental fee, the length of the rental term, and the payment schedule. If there are any penalties for late payment or other violations, make sure to include those as well.
4. Use Restrictions: Specify how the parking spot may be used (e.g. only for parking, no vehicle maintenance, etc.) and any other restrictions or guidelines that need to be followed.
5. Liability and Insurance: Make sure to include a liability waiver, stating that the renter assumes all responsibility for any damage or injury that may occur while using the parking spot. You may also want to require that the renter provides proof of liability insurance.
6. Termination Clause: Include a section outlining how either party can terminate the agreement early, and any penalties or fees associated with early termination.
7. Signatures: Finally, make sure to include signature lines for both parties, along with the date of signing.
By including all of these elements in your parking spot rental agreement, you can help ensure a smooth and successful rental experience for both you and your renter. And as always, be sure to consult with a legal professional if you have any questions or concerns about your agreement.