Rental Pool Law & Legal Definition
A rental pool is a sharing arrangement governed by contract law. In the context of real estate, a rental pool is similar to a time-sharing arrangement, with parties dividing use of the property along with rents, maintenance, and fees. Terms vary by contract.
Rental pools may also be used for personal property, such as a group of laptop computers loaned to library patrons. Rental pool agreements may also be used as part of an installment purchase agreement, under which proceeds from the use of the property is applied toward the purchase price.
The following is an example of a water district's policy dealing with a rental pool:
Any stored water available through the Rental Pool shall be provided on a priority basis. The first priority for each time category is defined below.
The second priority for each category consists of all water users not defined in that time category. Water shall be rent to second priority renters only upon specific findings of the Committee, in cases when all first priority uses are anticipated to be satisfied.
Prior to June 1 of each year, priority in acquiring stored water from the Rental Pool shall given to those irrigation entities owning contracted space in the various storage reservoirs.
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