Free Personal Property Rental Agreement

An agreement by which one party leases personal property to another party for a period of time.

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Suppose your neighbor wants to borrow an item of personal property that you own, such as a power washer or a weed eater. You could lend it to them in good faith, hoping they’ll return it within a reasonable length of time. Or, you could have them sign a Personal Property Rental Agreement to create a binding arrangement between the two of you.

 

The Personal Property Rental Agreement contains terms regarding the length of the rental, the amount charged for rent, and other provisions. The agreement also protects both the parties in the event one of them violates the terms of the rental agreement.

Frequently Asked Questions

 

An agreement by which one party leases personal property to another party for a period of time.

 

If you wish to lease out items of personal property to another party, or if you wish to borrow items of personal property from another party, this agreement can clearly define the aspects of the leasing arrangement. The aspects include the amount that will be paid as rent, the responsibilities of each party, and events that constitute a breach of the agreement. 

To create your agreement, provide:

  • Effective Date: Give the date this lease will be signed and made effective.

  • Governing State: Select which State’s laws will govern the terms of the agreement.

  • Lessor Details: Provide the name and contact information of the party granting the lease.

  • Lessee Detail: Provide the name and contact information of the party renting the personal property.

  • Lease Term: Depending on your answers to the questionnaire, your lease will either be for a fixed term or it will be an automatically renewing periodic term lease. A fixed term lease lasts until a specified date and has the option to be renewed for a similar term if the parties agree. The automatically renewing periodic term lease will continue indefinitely until one party decides to terminate it by written notice.

  • Frequency of  Payments: Indicate how often lease payments will be made.

  • Personal Property: The lease can accommodate the rental of various items of personal property. Describe and assign a rental rate for each item of personal property subject to the lease.

  • Damage Deposit amount (if applicable): The damage deposit is an amount presented by the Lessee to the Lessor at the beginning of the lease to account for potential damage done to the personal property. Whether this is included in your document depends on your answers to the questionnaire.

  • Penalties for nonpayment: You can choose to penalize the lessee for late payments or insufficient payments

  • Delivery and Return of Property: Determine who is responsible for delivery and return of the personal property. 

  • Insurance: You may include a promise from the lessee that they will obtain insurance against the loss or damage to the personal property.

  • Taxes: You may include a provision requiring the Lessee to pay certain taxes associated with the personal property.

  • Assignment. Assignment happens when one party assigns their rights and obligations under a contract to another. Specify whether this is permitted under your agreement.

  • Additional Terms. You have the option to add additional terms to your agreement.

 

If the agreement is for an indefinite term, either party may cancel it with the required amount of notice before the end of the current term. If the agreement is for a finite term, the agreement will expire automatically at the end of the described term unless the parties agree to renew the contract. Additionally, the following events will cause the agreement to terminate: (i) the non-payment of Rent, (ii) the discovery of a material misrepresentation, (iii) a failure to remedy a breach of a covenant within 15 days, or (iv) the bankruptcy of a party to the agreement.

 

Our propriety form generator will assist you in creating your customized Personal Property Rental Agreement within minutes. Answering the questions is not complicated – you only fill in the requested information and we will put it together for you.

 

Once you complete the questionnaire and place your order, it will be available for immediate download in either PDF or Word document from your secure online account including a step-by-step guide on how to use your document.   

 

Generally, a lease agreement does not need to be notarized – both parties only need to sign the document to make it legally enforceable. A witness may be helpful if the other party attempts to contest the document, but a notary is not necessary.

 

Please Note: The use of a notary ensures that no one challenges any signatures later and is a secure way to firmly establish the effectiveness of your document.