A Parking Space Lease Agreement is a document that is used when a company or individual would like to rent out a parking space to another company or individual. This agreement can come in handy in bigger cities, where it is hard to find a good, regular parking spot, but it can also be used for smaller towns where there are spaces that could be generating income. No matter what, when leasing out or renting a parking spot, it's good to have everything spelled out clearly beforehand.
In a Parking Space Lease Agreement, the parties will have written down their expectations before the lease begins. As with any legal document, having an agreement that outlines what will happen in case something goes wrong or something goes unexpectedly can help protect both parties against any unpleasant surprises.
Generally, even while covering the unforeseeable situations, Parking Space Lease Agreements are relatively simple and need only contain the basics of the understanding between the parties.
The important details in a Parking Space Lease Agreement are often about the specifics of the terms of the lease: things such as the duration of it, the price, how it will be paid for, when payment is due, whether there is a deposit, and how it may be terminated.
In a Parking Space Lease Agreement, although it's important that both parties agree, it is normally the landlord, who is the person or company leasing out the space, establishing ground rules on liability for the tenant, who is the person renting the space. In a Parking Space Lease Agreement, some common clauses are for the landlord to make clear that they are not liable for any damage to the vehicle or items inside the vehicle, and hold the lessee responsible for any damage to the premises.
How to use this document
You can use this document if you are an owner of a parking building, facility or space looking to rent it out for drivers. Here, you'll be able to fill in the pertinent details of the agreement and let the lessee know the information they need, such as how to access the space and whether or not attendants will be present.
You may also use this document if you are looking to rent a parking space in a building, facility or lot that doesn't belong to you, where the owner may not have a lease document ready to go. As the owner of the vehicle, you'll want to know that you are protected from getting towed and that you are legally on solid ground with a lease document for parking in your space on a regular basis.
It doesn't matter whether you are the person leasing out the space or the person renting it - for both parties, it is a good idea to have everything written down.
Ideally, you should have this document signed before any use of the parking space. Disputes can arise at any time, but they are more likely to be worked out easily if the parties have a clear, executed lease before the relationship begins.
This agreement is governed by the principles of general contract law.
Certain municipalities may also have by-laws regulation or prohibiting the rental of parking space.
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