Storage rental agreement is a pact between the lessor, the owner of storage property and the lessee, who attains the responsibility of the goods stored in that property. The document highlights specific terms upon which both the parties agree.
It mostly relieves the owner of the responsibility of the products stored in the storage space. Any stock that is kept at the place is looked after by the lessee.
At most times, the occupant ignores going through the storage lease agreement in order to skip the hefty work of reading all the confusing legal guidelines. However, the conditions need to be carefully understood before putting down your pen.
What Is a Storage Rental Agreement?
Storage rental agreement is a legal document which includes the terms and conditions that need to be followed by the lessor and the lessee in the matter of occupation of a property. The paper should meet the demands of both parties.
The agreement has become quite famous in the present era as it clearly states the actions that can be considered illegal. The attorney reviews the document before presenting it to the court.
A storage rental agreement is aimed at avoiding conflicts and arguments between both parties. It also contains personal information such as contact, the purpose of occupancy, payment and other required details.
A storage rental agreement is also called a storage lease agreement or storage unit rental agreement. It also requires the details of the merchandise that is stored at the property. The goods should be in terms with the conditions placed on the storage products.
In the scenario of cancellation of the agreement, the lessee is usually given 24 hours to move out the commodities stored. It is a good practice to negotiate these conditions to avoid chaos during moving out.
What Are the Benefits of Using a Storage Rental Agreement?
A storage rental agreement is very beneficial for a lessor as well as lessee. It creates the basis of trust and confidence in both. It usually helps in avoiding confrontations and any type of fraud. Some of the benefits are listed below.
- It helps steer clear of any type of chaotic situations. A plain texted agreement is always appreciated by the lessor as well as the lessee. It does not seem to hide any terms which may turn into a future issue.
- It could help maintain a decorum in the storage place. Import of illegal or prohibited goods could be aforementioned to the lessee. Mostly, some products are not appreciated by the owners, such as chemicals or other illicit commodities.
- It will be easy for both the lessor and the lessee to negotiate on variable terms such as the maximum value of goods stored, the time for which the property is opened and the details regarding late rent submission.
- It helps to understand the responsibility of the security of the property. The landlord could mention that safeguarding all the units of the tenant’s products is not the duty of the lessor. The lessee alone is responsible for the imported goods.
- The lessor could also mention cleanliness as a necessity in the storage units rental agreement. This would ensure that even after the lessee moves out, the owner should not have any burden of cleaning the storage area.
What Is Included in a Storage Rental Agreement?
The storage rental agreements include details of the lessor, the lessee, the property which is to be rented and the terms and conditions satisfying the needs of both parties. These details are mentioned legally and then sent for validation to the court.
Some of the significant details are listed below.
- It includes the personal details of both the lessor and the lessee consisting of name, address, contact, email and other necessary information. The agreement consists of the address of the storage location.
- The document includes the description of the goods and commodities which are to be stored by the lessee. No prohibited goods should be saved. It also consists of the estimated period for which the lessee will utilize the storage location.
- It includes the rent details after negotiation between the owner and the occupant. It also highlights the terms which will be applicable in the event of late rent submission, which could include a late fee or penalty.
- It includes conditions that detail about the responsibility of the commodities and maintenance of the property. These must be looked after by the lessee. The lessor holds no responsibility for the security of goods.
- The lessee should be solely responsible for any damage to the storage location. He/she should pay for any such costs before moving out with his/her property.
- It highlights that in case either party decides to terminate the agreement, they should provide 30 days prior notice in writing. No amendment shall be made to the agreement without the written permission signed by the lessor as well as the lessee.
The storage rental agreement is usually aimed at providing a peaceful negotiation for the property required by the lessee. To simplify future consequences, some of the conditions are aforementioned. These include:
- The lessee is prohibited from storing certain products, including illegal, stolen, perishable, or harmful goods. Any type of chemical drug is also not allowed.
- The storage location will be accessible only during specific hours.
- The lessee should be aware of the lien process, which will include the imposition of a penalty or in the worst cases, auction of the storage goods.
- The use of air conditioners should strictly be to only control the temperature of the storage location to a more suited range.
- Any change in contact details of either party should be informed to the other party. It may include a change in contact numbers or address.
Storage unit rental agreements are a pretty safe path to take. You might face many losses if you choose the contrary.
- This agreement indeed resolves any argument between the lessor and the lessee. The terms and conditions are specified before engaging in the agreement. As a result, it safeguards the trust of both parties.
- The documents of the agreement can help in fighting any injustice experienced by any of the parties. It could serve as evidence in front of the jury.
- The agreement does not allow landlords to create a sudden rise in rent. They need to abide by the signed agreement.
- Any fraud residing in the mind of either of the parties could be eliminated entirely based on a proper rental agreement.
The storage rental agreement is essential for the safety of both the lessor and the lessee. It is not something that can be ignored without reading the document thoroughly and understanding all the critical terms.
CocoSign provides storage unit rental agreements which are aimed to achieve the expectations of both the owner as well as the tenant. It will be easy for both parties to go through our plain texted agreements without giving themselves a headache.
Our service is customizable according to the needs of both parties. We not only deliver an easily understandable and legalized agreement, but we also consider the requirement of the individuals and allow them to present their settlements in their best interest.
Storage Rental Agreement FAQ
Why do I need a storage rental agreement?
A storage agreement is required to avoid any conflicts between the lessor and the lessee regarding the storage property and location.
Do I need any insurance?
Some of the owners require the lessee to have insurance on the goods that he/she will store at the storage location. However, sometimes they provide you with their policies for coverage. So it is a good practice to get your goods insured before storing them.
Does a storage rental agreement ensure the security of my goods?
The responsibility of the goods lies only on the shoulders of the lessee. However, almost all the storage locations are equipped with surveillance cameras to ensure the maximum safety for the customer’s belongings.
Will my goods be auctioned if I am late in paying rent?
If the lessee is late in rent submission, the lessor can impose a penalty on him/her. However, the goods are mostly auctioned only when the lessee doesn’t show up ever.
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