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Last revision: 22/11/2023
Available formats: Word and PDF
Size: 3 to 5 pages
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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. When leasing out or renting a parking spot, it's good to have everything spelled out clearly beforehand.
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, 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 make clear that the landlord is 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?
This document can be used by a landlord who is the owner of a parking building, facility or space looking to rent it out to drivers. Pertinent details of the agreement can be added, including a provision advising the lessee how to access the space and whether or not attendants will be present.
The tenant, as the owner of the vehicle, will want to know they are protected from getting towed and that they are legally on solid ground with a lease document for parking on a regular basis.
This document should be 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 regulating or prohibiting the rental of parking space.
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