Personal Property Rental Agreement
A Personal Property Agreement defines the terms of the rental of one’s personal property to another party for a time.
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Frequently Asked Questions
The answer is no. Real estate is not considered personal property, to begin with, for which you will need a commercial or residential lease agreement.
If the Personal Property Agreement does not have a fixed term, the lessor might have to use a Notice of Termination of Personal Property Rental Agreement to annul the agreement and demand a return of the personal property from the lessee. The grace period extended should conform to that prescribed by the pertinent state law.
There is no statutory requirement in this regard. It is up to the lessor and the lessee to negotiate this term for inclusion in the agreement, which may be helpful to specify the party responsible for the cost of delivery.
For one, the lessor would not have reassurances about the return of his or her personal property or the condition of the property when returned. It may be harder to collect in the event of missed payments. On the other hand, it may inconvenience the lessee to receive a rental property of non-merchantable quality.
Yes, the lessor may choose to do so to prevent damage to his or her personal property, for one.
For another, they can prevent the property from being used in a controversial manner. Furthermore, without any terms, the lessee may assume a right to use the lessor's personal property in any which way.
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