For an increasing number of people, the benefits of homeownership are being replaced by the advantages of a lease agreement. More flexibility, lower financial risk and fewer responsibilities with regards to the property make the prospect of renting a house or condo particularly attractive in comparison to outright ownership. Letting out property also offers financial benefits for the landlord, as he or she can adjust the rent with regards to the appreciating market value of the property. This in turn can be a stable source of income, while retaining full ownership rights.
As a result of these advantages for both parties, the demand for houses and apartments for rent has grown significantly in recent years. To make the process as quick and simple as possible, we here at Lamudi have provided a house rental contract sample for Philippines-based tenants ready to be used to finalize the rental agreement.
Meanwhile, the landlord retains certain legal rights, such as terminating a contract. Grounds for contract termination typically include eviction, property damage, and other reasons the tenants prove themselves unsuited.
On the other hand, if the tenants decide to move, a cancellation letter, giving the landlord one month to find new occupants, is often accepted. Furthermore, the rental agreement should specify that the tenancy does not include any estate, real property, or transfer taxes, as these financial burdens are usually placed on the landlord.
The downloadable rental contract sample for Philippines-based tenants provided below can be used as a legally binding contract of lease, regardless of the property type.
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