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 Agreement. 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 written 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 Agreement. This will also serve as documentation for what was agreed upon by the lessor and the lessee.

Who can enter into the Agreement?

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.

What can be the duration of the Agreement?

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.

What has to be done once the Agreement is ready?

Once the document is completed, at least two original copies of the document should be printed and all of the attachments described in the document should be attached. The lessor and the lessee, or their authorized representatives, should read, and then sign all the copies of the document and each should keep an original copy. After this, the document may be notarized.

Is it necessary to notarize the Agreement for it to be valid?

No, however, if the Agreement is notarized, it will be presumed to be validly written and signed once it is shown to the court in case a dispute arises concerning the Agreement. If it is not notarized, it will take more time to prove the contents of the document, and either the lessor or the lessee can just deny that the contents of the Agreement are real.

What are the costs involved in the finalization of the Agreement?

If the Agreement is notarized, some notaries public may charge based on the percentage of the amount of rental fee involved, which is usually ay 1% e.g. if the amount of rental fee is PHP 100,000.00, then the notary public may charge PHP1000.00.

What must the Agreement contain?

The 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.

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.