When it comes to leasing or renting properties in the Philippines, having a well-written rental contract is essential. A rental contract is a legally-binding document that sets out the terms and conditions of the rental agreement between the landlord and tenant. It serves as a guide for both parties to ensure that their rights and obligations are clearly defined.
To help landlords and tenants understand the importance of having a rental contract and what it should contain, we have prepared a sample rental contract in the Philippines that can serve as a guide.
Sample Rental Contract in the Philippines
PARTIES
This Rental Contract is entered into by and between:
[INSERT LANDLORD’S NAME], (hereinafter referred to as the “Landlord”), with a mailing address at [INSERT ADDRESS]; and
[INSERT TENANT’S NAME], (hereinafter referred to as the “Tenant”), with a mailing address at [INSERT ADDRESS].
PREMISES
The Landlord agrees to lease to the Tenant and the Tenant agrees to rent from the Landlord the following described premises:
[INSERT PROPERTY ADDRESS]
TERM
The term of this lease shall begin on [INSERT DATE] and shall end on [INSERT DATE]. The Tenant shall vacate the premises upon the expiration of this lease, unless the Tenant and Landlord agree to renew or extend the lease in writing.
RENT
The Tenant agrees to pay a monthly rent of [INSERT AMOUNT IN FIGURES] (P[INSERT AMOUNT IN WORDS]), payable in advance on or before the [INSERT DATE] of each month to the Landlord or the Landlord’s agent at [INSERT ADDRESS].
LATE PAYMENT FEES
Any amount of rent not paid by the due date shall bear interest at the rate of [INSERT PERCENTAGE]% per month. The Tenant shall also pay [INSERT AMOUNT] as penalty for every late payment.
SECURITY DEPOSIT
The Tenant shall deposit [INSERT AMOUNT] with the Landlord upon the signing of this lease as a security deposit. The security deposit shall be returned to the Tenant upon the termination of this lease, subject to the provisions stated in the lease.
USE OF THE PREMISES
The Tenant shall use the premises only for residential purposes and shall not use the premises for any unlawful purpose.
UTILITIES
The Tenant shall be responsible for paying all utilities, including but not limited to water, electricity, gas, telecommunication, and internet bills, during the term of the lease unless otherwise agreed upon in writing.
PETS
Pets are not allowed on the premises.
ALTERATIONS
The Tenant shall not make any alterations to the premises without the Landlord’s prior written consent.
TERMINATION OF LEASE
This lease may be terminated by either party upon [INSERT NUMBER OF DAYS] days’ written notice to the other party.
GOVERNING LAW
This lease shall be governed by and construed in accordance with the laws of the Republic of the Philippines.
IN WITNESS WHEREOF, the parties have executed this Rental Contract as of the date first above written.
[INSERT LANDLORD’S NAME] _____________________________
[INSERT TENANT’S NAME] _____________________________
In conclusion, having a rental contract can protect both the landlord and the tenant in case disputes arise. It is important to have a clear and comprehensive rental contract that outlines the responsibilities and obligations of both parties. The sample rental contract above can be used as a guide for landlords and tenants in the Philippines to create a rental agreement that meets their needs.