Which Rent Payment Clauses Should Not Be Ignored In Rental Lease Agreements?

While signing a rental lease agreement, tenants often focus on the monthly rent amount and the duration of the lease. However, there are several important clauses related to rent payments that should also be included in the agreement to protect both tenants and landlords. These clauses help clarify expectations, prevent misunderstandings, and ensure a smooth rental experience. Here are 3 rent payment clauses that should be a part of every rental agreement:

1. Due Date and Late Fees

One of the most crucial clauses in a rental lease agreement is the specification of the due date for rent payments. Clearly stating the date by which rent is due each month helps tenants plan their finances accordingly. Landlords should also include information about any grace period provided for late payments. Further, it is important to outline the consequences of late payments, including late fees.

For example, the lease agreement could specify that rent is due on the first day of each month, with a five-day grace period. After the grace period expires, a late fee of a certain percentage of the rent amount will be charged for each additional day the rent remains unpaid. By including these details in the lease agreement, both parties understand their obligations and the consequences of failing to meet them.

2. Accepted Payment Methods

Another essential clause to include in a rental lease agreement is the list of accepted payment methods for rent. This clause should specify whether rent payments can be made by:

• Cash,

• Check,

• Bank transfer, or

• Online payment platforms.

Landlords may also want to provide instructions on where and how tenants should submit their rent payments. Including this information in a Missouri lease agreement helps prevent confusion and ensures that rent payments are made in a timely and convenient manner. It also allows landlords to track rent payments accurately and provides tenants with options that suit their preferences and circumstances.

3. Rent Increase Clause

Rent increase clauses are important for both landlords and tenants as they establish guidelines for adjusting the rent amount over time. Typically, these clauses specify how much notice landlords must provide before implementing a rent increase and the maximum percentage by which the rent can be raised.

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Carl writes often about legal drafting, rental lease agreement, marital separation agreement and help the people in such needs.