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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.
The following are the different types of lease agreements:
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.
The Agreement contains the following information:
The owner of the parking space (the lessor) and the lessee are the parties to the 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.
The parties are free to choose how long the 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.
Once the document is completed, at least two original copies of the 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 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.
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.
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%.
Laws on lease are generally governed by the Civil Code of the Philippines.
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Parking Space Rental Agreement - sample template
Country: Philippines