A garage rental agreement template is an agreement between a property owner and a vehicle owner. This agreement is generally used in a condominium building in urban areas. People use it when they have two or more parking spaces that are not using and would like to rent out. Different names of garage rental agreement are;
- Parking space lease agreement
- Parking rental agreement
- Garage rental lease agreement
- Parking space lease form
Table of Contents
Why garage rental agreement is used?
Leasing commercial parking spaces can be profitable. This is especially true in most urban areas where parking spaces are usually limited. All businesses have their ups and downs. Therefore, when venturing into leasing out parking spaces, one should be prepared. A lease agreement is a great tool that one should equip themselves. This agreement will help in establishing the terms of use of the parking space and defining the outcomes of breaching such rules.
While agreeing to lease like the size of the parking space, the vehicles permitted to park, and more, the lease agreement will help set clear everything that the lessee requires to know.
The elements of a garage rental agreement:
Here is important information that must be included in the lease agreement;
Contact information
Here, include the name, address, and phone numbers of both the lessor and the lessee.
Parking space allocation
The agreement should contain the information regarding the parking space like where it is located and the GPS information. The garage rental agreement must include all important information about the parking space that the lessee should know. Moreover, you can also include information about instructions on opening the gates and requiring unique vital cards to access the parking space.
Terms and conditions
The agreement should indicate the terms and conditions of the use of the parking space. In the document, include the following terms and conditions;
- The lessee’s right to sublease the parking space
- The parking space may only be entered by those who are authorized to park there
- Which type of vehicle is allowed
- The condition of the vehicle while accessing the parking space i.e. whether the lessee is allowed to sleep in the vehicle or not
- No overnight parking
- Vehicle registration
- Insurance covers
Term
It is the agreed time period in which the lessee can use the parking space. The start and end date should be detailed in the lease agreement. Furthermore, state that whether the lease is subject to renewal and how such renewals may be effected.
Rent
The agreement should include the rent amount, the frequency of payments, and provisions for late fees and grace periods for when defaults should be remedied. You should also check parking space rental agreement templates.
Security deposit
To secure the parking space, the agreement should include whether or not the lessee will be required to pay a security deposit.
Vehicle description
In urban areas and business complexes, different parking spots have different rules on which vehicles can use such parking slots. Placards/dashboards should be given to show that they have been approved to do so when different vehicles are allowed to park in the slot being leased.
Liability
The liability provision specifies the type of security given and those the parking space owner is not liable for. This may include the items stolen from the vehicle, accidents, or damages in the parking lot.
Termination
A parking space lease agreement just like any other lease agreement should include a provision for how the agreement can be terminated. Termination of the lease agreement is usually propelled by;
- Non-payment
- Breach of the agreement
- Mutual agreement to terminate
Arrangements for keys and access
The arrangements like when, where, and how the access will be granted should be defined in the agreement in case the lessee must have a key/gate pass to access the property. You may also see the vacation rental agreement template.
Garage Parking Rental Agreement Template
Garage Parking Storage Rental Agreement
Parking Storage Garage Rental Agreement
Rental Agreement for a Motor Vehicle Parking Space
Truck Parking Lot Rental Agreement Template
Standard Garage Rental Agreement Template
Conclusion:
In conclusion, a garage rental agreement template is an agreement that outlines the relationship between two parties. For the owner of the parking space and the renter, renting a parking space is advantageous.
