Vacation Property FAQ

What legal forms apply to managing and owning vacation property?

Owning vacation property can be a great source of income to those with the means to acquire it, but protecting that vacation property through contracts and lease agreements is crucial in order to ensure that the property remains secure and that income is assured. Because of this, there are a number of legal forms that pertain to owning and managing vacation property specifically that are best used when matched with the situation each contract describes.

Generally, Vacation Property Rental Agreements work best for renting out vacation property in that they offer both parties a solid written form of their agreement that will include all of the necessary details. It’s best to avoid oral agreements and arrangements except with those you trust implicitly such as immediate family members – and even then, legal caution is always warranted.

What are the contents of a Vacation Property Rental Agreement?

Separate and distinct from a Residential Lease Agreement, a Vacation Property Rental Agreement is not a long-term lease. And while it is a rental form, it has a number of differences from standard equipment and automobile rental contracts as well. A Vacation Property Rental Agreement is simply an agreement that details the terms of the rental period and the responsibilities of both the owner of the property and the party doing the renting.

The contents of this contract include provisions such as Reservation Information, Security Damage Agreements, and Check-in/Check-out procedures. Essentially, the Vacation Property Rental Agreement is the contract designed to protect both owner and renter during the period in which the rental is taking place. Additionally, any duties and responsibilities of either party will be detailed in the contents of a Vacation Property Rental Agreement.

If I own property, can’t I just accept a check?

As the owner of (presumably quite valuable) vacation property, your duty is to do your best to ensure your property is protected. Oral arrangements with renters are not sufficient to do this on a legal basis – you need to ensure that the property rental is written down and signed in order to give you the enforceability of the legal system. For example, if you only have an oral arrangement with a renter and they damage your property, you might not be able to prove they were liable for that damage. With a Vacation Property Rental Agreement in place – in which the renter agrees to this kind of liability – you have a much more solid legal grounding for asking the renter to pay for said damage.

As a vacation property renter, should I be wary of what I’m signing?

You should be wary of anything you’re signing in the sense that you should be cautious and read everything through before signing it. However, Vacation Property Rental Agreements are often quite standard and shouldn’t make you suspicious of the owner. You’ll want to read each of the provisions contained in the Vacation Property Rental Agreement with full attention, but there’s no reason you should feel hesitant about such an arrangement simply because of the presence of one of these forms. If anything, you should feel encouraged by the foresight of the owner you’re renting from.

What do I do if I want to hire a property management company to rent out my home?

Typically, if you take this route, the property management company will be able to take care of these types of contracts with the individual renters. But you’ll want to make sure that you’re tackling the process with a thorough amount of research into the company you’re hiring and ensure that they have a good reputation amongst vacation property owners in your area. If not, then it can sometimes be best to simply rent out the property yourself and use Vacation Property Rental Agreements to do so.

As an owner, what kind of details can I include in the Vacation Property Rental Agreement?

In the main provisions of the Vacation Property Rental Agreement, you’ll be able to customize a few details such as:

Of course, you can insert your own provisions and customize your own document, but it’s important to remember that the renters will also have approval of this document. You’ll have to present them with something that you know both parties can agree to.

As an owner, what protections does a Vacation Property Rental Agreement offer me?

Protections such as those in the Hold Harmless provision will ensure that the owner of the property is not held liable for accidents or injuries sustained while the renter is renting the property in question. Other protections also exist in order to ensure that prompt payment is made in exchange for the rental.