A storage rental agreement is a legal document that outlines the terms and conditions of a lease between a tenant and landlord. This document should include information on rent, security deposits, late fees, the length of the lease, and any other specific details that are relevant to the agreement. In this blog post, we will provide tips for tenants and landlords on how to create a storage rental agreement, as well as what should be included in it.
What is a storage rental agreement and why do you need one
A storage rental agreement is a contract between a landlord and tenant that outlines the terms of renting a storage unit. This agreement can be used for both commercial and residential storage units. A storage rental agreement template can help landlords and tenants create a clear and concise agreement that covers all the important details of the rental.
There are several reasons why you might need a storage rental agreement, even if you’re just renting out a small space in your home. First, it can provide clarity on what is expected of each party during the rental period. Second, it can protect your belongings from damage or theft by specifying that only certain items are allowed to be stored in the unit. Finally, it can help resolve any disputes that may arise during the rental period.
The components and steps to create a storage rental agreement
Creating a storage rental agreement is relatively simple, but there are a few things you’ll need to include to make sure it’s legally binding. A storage rental agreement should include the following components:
- The name and contact information of the landlord or property owner.
- The name and contact information of the tenant.
- A description of the storage unit, including its size, location, and any special features or amenities.
- The rental rate, security deposit amount, and payment schedule.
- The length of the rental period.
- Any restrictions on what can be stored in the unit (e.g., no hazardous materials).
- The landlord’s right to access the unit (e.g., for repairs or inspections).
- The tenant’s responsibility for damage or theft of property stored in the unit.
- A clause specifying that the agreement is binding on the parties’ successors and assigns.
- The landlord and tenant’s signatures.
After you’ve gathered this information, you can begin creating your storage rental agreement template. Start with a heading that includes the names of the landlord and tenant, as well as the date the agreement is being signed. Then, provide a brief description of the storage unit and its location. Next, list the rental rate and payment schedule. Be sure to include any restrictions on what can be stored in the unit, as well as the landlord’s right to access it. Finally, specify that the agreement is binding on both parties’ successors and assigns, and include space for both parties to sign and date the agreement.
Tips for landlords and tenants when signing a storage rental agreement
When you’re signing a storage rental agreement, there are a few things to keep in mind. First, be sure that you understand all of the terms and conditions of the agreement. If there’s anything you’re not sure about, be sure to ask questions or have someone else review the agreement before you sign it. Second, make sure that the agreement is dated and that both parties have signed it. This will help ensure that there are no misunderstandings about the terms of the agreement later on. Finally, remember that a storage rental agreement is a binding contract between two parties. Once you’ve signed it, you’ll be obligated to uphold your end of the deal.
If you’re a tenant renting storage space from a landlord, there are also a few things you should keep in mind. First, make sure that you read and understand all of the terms and conditions of the agreement before you sign it. Second, be sure to get everything in writing, including the date, your signature, and a description of the property. Third, keep a copy of the agreement for your records.
If you have any questions about storage rental agreements, be sure to ask your landlord or consult an attorney. With these tips in mind, you can be sure that you’re getting into a storage rental agreement that is fair and beneficial for both parties involved.
Sample storage rental agreements template
Below is a storage rental agreement template that you can use as a starting point when creating your own agreement. This template is for illustrative purposes only and is not intended to be legal advice.
Storage Rental Agreement This Storage Rental Agreement (hereinafter referred to as the "Agreement") is entered into and shall be effective as on [Date] (hereinafter referred to as the “Effective Date”) By and Between [Sender Name], (hereinafter referred to as “Lessor”), having its principal place of business at [Address], and; [Client Name], (hereinafter referred to as “Lessee”), having its principal place of business at [Address] The Lessor and the Lessee are collectively referred to as "Parties" and individually as "Party." WHEREAS Lessor wishes to offer storage space for rent, AND WHEREAS Lessee wishes to rent such storage space for warehousing purposes and requirements from Lessor; NOW, THEREFORE, in consideration of the mutual covenants and commitments contained herein, as well as other goods and valuable consideration (the receipt and sufficiency of which are to be acknowledged), the Parties do hereby agree as follows. Terms and Conditions 1. Rented Space Lessor hereby agrees to provide, and Lessee agrees to rent, a storage space located at the following address: [Address] (hereinafter referred to as the "Unit"). The storage space will be of the following description and size: [specify the dimension of the storage space]. 2. Term The term of the lease commences on [Date] (hereinafter referred to as the "Commencement Date") and continue on a month to month basis until terminated by either of the Parties. 3. Rent The Lessee shall pay a monthly rent of $[0.00] to the Lessor from the Commencement Date and throughout the term of this Agreement on or before the [Date] of every month. (hereinafter referred to as the "Rent"). If the Lessee fails to pay the amount within the set period after providing the notice by the Lessor, the Lessee shall be in breach of this Agreement. 4. Security Deposit The Lessee shall pay a security deposit of $[0.00] to the Lessor that will be due on [Date]. If the rented property is in good condition (except ordinary wear and tear), the total of the security deposits shall be refunded to the Lessee within [number of days] days after the Unit has been completely vacated. 5. Possession of the Unit The Lessee shall occupy the Unit on the Commencement Date and shall yield the possession to the Lessor Upon cancellation of this storage rental agreement. 6. Use of the Space Lessee shall utilize the space for storage purposes only and shall not store any live animals or hazardous materials inside the Unit. Lessee acknowledges that the unit is not be used as a dwelling, place of business, or for any purposes other than the storage of personal property. Illegal activities and items are prohibited on the Unit at all times. 7. Maintenance The Lessee shall maintain the Unit clean and in well-kept condition at all times during the term of this Agreement. Should periodic maintenance or repairs be necessary, the Lessor agrees to notify the Lessee 24 hours prior to making such repairs. 8. Damage to the Unit If the Lessee causes any damage to the Unit beyond normal usage, the Lessee shall be held responsible for such damages and agrees to pay for such damages prior to retrieving their personal property from the storage unit. 9. Insurance The Lessor doesn't provide any type of insurance that would protect the Lessee’s personal property from loss by fire, theft, or any other type of casualty loss. The Lessee is encouraged to secure all the necessary insurance that would protect itself and its property from any kind of damage. 10. Lessor's Access to the Unit The Lessee shall allow the Lessor to inspect the Unit during business hours upon advanced written notice or at any time in the case of an emergency without prior notice. 11. Condition of the Unit The Lessee warrants that it has examined the Unit and hereby accepts it as being in good order and condition. 12. Termination Each party retains the right to revoke this Agreement upon written notice to the other party at least [number of days] days before the termination date. Upon the termination of the Agreement, the Lessee shall have [number of days] days to remove all its personal goods and return the Unit to the Lessor. 13. Abandonment This Agreement shall automatically terminate if the Lessee abandons the Unit. If the Unit remains vacant without safety for [number of days] days, it shall be considered abandoned and the Lessee has to for re-rental the Unit from the Lessor. 14. Limitation of Liability In no event shall Lessor's liability exceed the total amount paid by the Lessee for the Unit for any cause of action or future claim. The Lessee hereby agrees that Lessor is not liable for any special, incidental, consequential, or other damages arising out of or relating to this Agreement in any way. 15. Indemnification The Lessee agrees to indemnify, hold harmless, and defend the Lessor for any damage or injuries caused to any personal items or property in the storage space, and hereby accepts that the Lessor shall not be responsible for any damage. 16. Warranty Both Parties agree that the storage space is being leased "as is" and that the Lessor hereby expressly disclaims any and all warranties of quality, whether expressed or implied, including but not limited to the warranties of merchantability and fitness for a particular purpose. 17. Arbitration In the event of any dispute arising in and out of this Agreement between the Parties, it shall be resolved by Arbitration. There shall be [Number of Arbitrators] Arbitrators which shall be appointed by [Party Name]. The venue of Arbitration shall be [Venue/Location of Arbitration] and the seat shall be [State of Seat]. The Arbitrators' decision shall be final and will be binding on both the Parties. 18. Miscellaneous Assignability: Neither party may assign this Agreement or the rights and obligations thereunder to any third party without the prior express written approval of the other Party which shall not be unreasonably withheld. Notices: Any notice required to be given under this Agreement shall be in writing and shall be delivered by certified mail, personal delivery, or overnight delivery. Force Majeure: Neither party shall be liable for any failure in performance of the obligation under this Agreement due to cause beyond that party's reasonable control (including and not limited to any pandemic, fire, strike, act or order of public authority, and other acts of God) during the pendency of such event. Modification: No modification of this Agreement shall be made unless in writing, signed by both parties. Severability: If any term, clause, or provision hereof is held invalid or unenforceable by a court of competent jurisdiction, all other terms will remain in full force and effect until the Agreement termination. Governing Law and Jurisdiction: This Agreement shall be governed following the laws of the [State]. If the disputes under this Agreement cannot be resolved by Arbitration, they shall be resolved by litigation in the courts of the [State/Region] including the federal courts therein, and the Parties shall comply with the jurisdiction of such courts, agree to accept service of process by mail and hereby waive any jurisdictional or venue defenses otherwise available to it. Legal and Binding Agreement: This Agreement is legal and binding between the Parties as stated above. This Agreement is legal and binding in the [State/Court/Region]. The Parties each represent that they are eligible and authorized to enter into this Agreement. Entire Agreement: This Agreement constitutes the entire understanding of the Parties, and revokes and supersedes all prior agreements between the Parties, and is intended as a final expression of their Agreement. Acceptance and Signature Both Parties shall provide their acceptance by signing below: [Client Name]: Signature Name Date [Sender Name]: Signature Name Date
FAQs about storage rental agreements
The following are FAQ’s that will help you understand the storage rental agreement better:
Is a storage rental agreement legally binding?
Yes, a storage rental agreement is a legal contract between the tenant and landlord. If either party breaches the agreement, they may be held liable in court.
What should I do if I need to cancel my storage rental agreement?
You should notify the landlord in writing as soon as possible. Most storage rental agreements have a clause that allows for early termination, but you may still be responsible for paying a fee.
What happens if I don’t pay my storage rental fees?
If you don’t pay your storage rental fees, your landlord may take legal action against you. This could result in a judgment against you and the seizure of your belongings.
Can I sublease my storage unit?
You may be able to sublease your storage unit, but you will need to check your agreement first. Some agreements prohibit subleasing, so be sure to read yours carefully.
How long can I keep my belongings in storage?
The length of time you can keep your belongings in storage will depend on your agreement. Most agreements allow for a minimum of 30 days, but some may be shorter or longer. Be sure to check your agreement for more information.
Can I store hazardous materials in my storage unit?
No, you cannot store hazardous materials in your storage unit. This includes flammable, combustible, and poisonous items. If you are caught storing these items, you may be subject to legal action from your landlord.