I’m renting my house to my sister. We are very close and to help her out, Instead of a deposit, we’ve agreed that any damages, accidents etc will be paid for as and when, should anything happen.
Is there a document/ template/ clause or sone sort of wording that can be downloaded to cover this situation?
you put your own clause as to what sort of repairs eg, boiler repair/replacement is landlord responsibility. Washing m is hers etc. If she wants to paint, it is upto her but you don’t pay etc. I have a nice tenants I will one property and we have agreed such things written in the contract.However,even after agreeing the things u discover after she leaves may shock you. How many times we hear that brother or sister occupies ones property and never get back!
The golden rule of landlording is dont rent to family or friends. It will destroy the relationship. Better to let it clmmercially snd pay her some of the profits to subsidise her rent elsewhere.
Anyone you rent to should have a standard contract or neiyher of you are protected. You dont have to take a deposit, but uou should retain the right to sue for damages.
well said David, kindness often gets misinterpreted when things get ugly.
Thank you both for your advice, I’ve decided to go ahead and do a deposit and treat it like a normal tenancy agreement.