What is a Residential Lease Agreement?
Also known as a house lease agreement, or a residential rental contract, a residential lease agreement is a written agreement between a tenant and the landlord, laying out the terms under which a tenant can occupy property owned by the landlord. This legal contract also establishes the terms of the lease, including the date when the tenant will assume occupancy, the amount of rent and how it will be paid, and the length of occupancy.
Why do you need to use a Residential Lease Agreement?
A residential lease agreement is a legal instrument constructed and utilized by landlords to establish obligations and terms of their leased property. The lease allows the tenant to occupy the premises for a defined period so long as the tenant complies with the terms of the contract and pays the agreed-upon rent.
When do you need to use a Residential Lease Agreement?
A residential lease is needed if you (landlord) intend to lease the property to an individual (tenant). The lease will detail both the landlord and tenant obligations, which provides legal protection to both parties.
Are there any deadlines or times when a Residential Lease Agreement is needed?
A residential lease is needed before a tenant is to move into the property is to be leased. The lease will set the date the tenant is to move in and establish the term of the agreement. It would be difficult to implement a lease in the middle of a tenant’s occupancy as conflict may arise.
Typically, once a leased expires, it does not renew unless otherwise agreed upon and stated in the written lease. With the landlord’s permission, the tenant can remain on the property after the expiration of the contract on a month-to-month basis while still being subject to the terms of the lease. A provision detailing the possibility of month-to-month at the end of the lease should be in the lease.
What are the main things that go into a Residential Lease Agreement?
Residential leases should always be as detailed as possible. The lease can flesh out specific issues/obligations that may arise. A lease must have a written description of the property to be leased. It should include the property’s address, and other relevant details related to the premises. The property’s address is considered a valid legal description in a residential lease. Leases should also include the term, spelling out the start/end dates.
A lease should also specify the amount of monthly rent due and how it shall be paid. For example, the lease should state whether the rent is to be paid by money order, cashier’s check, or electronically. The due date needs to be specified as well as any grace period the landlord may extend. The lease should also include a late fee penalty or bounced check policy. The lease needs to identify the security deposit and/or pet deposit.
A few standard terms included in leases include utility responsibilities, pets, parking, general maintenance/lawn care, pest control obligations, renter’s insurance. The landlord can also include how many guests are permitted to stay on the premises and provide if the tenant has the authority to sublease the leased property. Additionally, the landlord needs to spell out his/her access to the rental property, notice requirements, and methods of notice.
What are the most common mistakes to avoid?
A landlord is obligated by law to keep the leased property habitable. A lease cannot contain a provision that waives the landlord’s duty to keep the property livable. If such a provision is in the agreement, the lease will likely be deemed invalid or unenforceable. Another provision that will invalidate a lease is requiring a tenant to waive their right to their security deposit. Landlords cannot have the tenant waive their rights to sue the landlord. The landlord should include the names of all tenants that are responsible for paying the rent. It is a good idea to identify who will be residing at the premises throughout the lease.
Another provision that will invalidate a lease is requiring a tenant to waive their right to their security deposit. Landlords cannot have the tenant waive their rights to sue the landlord. The landlord should include the names of all tenants that are responsible for paying the rent. It is a good idea to identify who will be residing at the premises throughout the lease.
A landlord shall not increase rent or alter the terms of the lease without permission from all parties. Any agreed-upon changes should be memorialized and executed by all parties.
Do I need to use a lawyer, accountant, or notary to help me?
You can easily create a residential lease agreement without hiring any lawyer, accountant, or notary. Creating the form online can save you time and money. It can also cut out the hefty expense of hiring a lawyer.
Why use our Residential Lease Agreement generator?
Our easy to use tool helps you create a residential lease agreement easily in less than 5 minutes. Our tool also has a subscription plan so you can create unlimited residential lease agreements at a low cost.
