When to use Personal Property Lease
It is not customary for Americans to think too long and hard about renting out or lending out their personal property. Unless the piece being rented or leant is of particular monetary value (a Picasso that usually hangs in the foyer but is being sent to a major museum to serve as part of an exhibit), most adults wouldn’t think to put the terms of the rental or lending agreement on paper. However, it is often advantageous to do just that. When you put the terms of a personal property loan or lease on paper, everyone is clearly notified of your expectations and the conditions of the arrangement that they are agreeing to.
If you are either renting out or lending personal property to another, you may benefit from using this customizable personal property lease template to outline the terms of the arrangement. If you do not take this proactive step, even if you are lending personal property to loved ones, you may struggle to find a way to get your property back. Even the most trusted loved ones and the most respected organizations can make mistakes. If the property you are renting out or lending to someone else is valuable to you, it is worth the time and effort you will need to invest to complete this lease or lending agreement paperwork. Once completed, take care not only to file away a copy for your personal reference, make sure to supply the person, business or organization assuming temporary custody of your property with a copy. That way, that individual, business or organization can be reminded of the terms of your agreement at a glance.
Please note that this document should not be used for the purposes of loaning or leasing vehicles or real property.
Personal Property Loan Contract
Personal Property Rental Agreement