Parking Space Rental Agreement

What is a Parking Space Rental Agreement?

A Parking Space Rental Agreement is a document that is used when an individual or organization, such as a partnership or corporation (the lessor), wishes to rent out a parking space to another individual or organization (the lessee). It contains the terms and conditions for the lease of the parking space.

What are the different types of lease agreements?

The following are the different types of lease agreements:

• Parking Space Rental. This is a type of lease agreement in which what is being rented is a parking space.
• Commercial Lease Agreement. This is a document that can be used when a property that will be used for commercial activity will be rented such as office spaces, and buildings.
• Residential Lease Agreement. This is a document that can be used when a property will be used for residential purposes such as the lease of a house, condominium, or apartment.
• Rental of Goods Agreement. This is a document that can be used when a property that will be rented and used is personal property like merchandise or electronics.
• Motor Vehicle Lease Agreement. This is a document that can be used when a property that will be rented and used is a motor vehicle.

Is it mandatory to have a Parking Space Rental Agreement?

There is no legal requirement for the lessor and the lessee to have a written Parking Space Rental Agreement. However, it is better to have one to lay down the terms and conditions of the Parking Space Rental. This will also serve as documentation for what was agreed upon by the lessor and the lessee.

What must a Parking Space Rental Agreement contain?

A Parking Space Rental Agreement contains the following information:

• The identity of lessor and lessee,
• The address where the parking space will be located,
• The details of the cars permitted to be parked,
• The schedule for the use of the parking space,
• The duration of the lease, and
• The payment details of the rent.

Who can enter into a Parking Space Rental Agreement?

The owner of the parking space (the lessor) and the lessee are the parties to a Parking Space Agreement, meaning, they must sign the same.

Note that the parties must be of legal age or 18 years old and above. Further, if the parties are organizations, the signatories may be the organization's representatives.

What can be the duration of a Parking Space Rental Agreement?

The parties are free to choose how long the Parking Space Rental Agreement will last and can be renewed in a month-to-month basis. They can also choose that this agreement lasts indefinitely so long as the lessee is paying the fees correctly.

What has to be done once the Parking Space Rental Agreement is ready?

Once the document is completed, at least two original copies of the Parking Space Rental Agreement must be printed. The original copies should be signed and kept by both parties.

After this, the document may be notarized. If the parties would want to notarize the Parking Space Rental Agreement, the document also includes an Acknowledgment portion.

Notarization of the document converts the document from a private document to a public document so that it becomes admissible in court without the need for further proof of its authenticity. To notarize the document, the parties must go to a notary public to acknowledge that they have signed the Parking Space Rental Agreement freely and voluntarily. They should also present a valid I.D. issued by an official agency bearing their photograph and signature such as a driver's license or a passport, among others.

Once notarized, the lessor and the lessee should each keep at least one original copy of the notarized document, and the last one will be given to the notary public.

Is it necessary to notarize a Parking Space Rental Agreement for it to be valid?

No, however, notarization of the document converts the document from a private document to a public document so that it becomes admissible in court without the need for further proof of its authenticity, meaning, the document will be presumed to be validly written and signed once it is shown to court in case a dispute is brought before it.

What are the costs involved in the finalization of the Parking Space Rental Agreement?

If the Parking Space Rental Agreement is notarized, a certain percentage of the rent may be asked as a fee by the notary public. This is usually at 1%.

Which laws are applicable to the Parking Space Rental Agreement?

Laws on lease are generally governed by the Civil Code of the Philippines.

How to modify the template?

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.