Personal Property Lease Agreement

A personal property lease or rental agreement is a contract between the owner of the personal property (known as a "Lessor") and the person renting/ leasing the personal property (known as a "Lessee"). Personal property is not attached to real estate and can be transported by the individual owner. Personal property can include items such as:

• jewellery,
• art,
• supplies,
• industrial equipment like excavators,
• construction tools, etc.

In other words, this document is not intended for real estate, land or housing.

This agreement is versatile and applicable for various scenarios, whether for commercial or personal use.

The agreement can facilitate arrangements such as a construction company leasing equipment to homeowners for their yard-work projects. Similarly, it can enable individuals to rent out personal property to their friends or relatives, such as a camper.

The agreement allows the parties to decide:

• the property being leased,
• the duration of the lease,
• the delivery method, and more.

The agreement proves advantageous in scenarios where one individual requires temporary access to another's property, as it offers a more cost-effective alternative to outright purchasing the said property themselves. In other words, it simply allows one person to borrow property from another person.

HOW TO USE THIS DOCUMENT

Once the parties have identified the property for lease and agreed to the rental duration, they may enter into this agreement.

The parties should sign and date this document before the property is delivered from the Lessor to the Lessee (or picked up by the Lessee). After the document is signed, the property can be delivered on their agreed-upon date.

The parties must keep a copy of the signed agreement for their records.

APPPLICABLE LAW

The general law of contracts governs this agreement. For commercial Lessors, other specific laws may also apply depending on the type of property being leased, such as insurance over construction equipment. Commercial parties are also subject to income tax laws.

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.