Residential Lease Agreement: A Key to Guarantee Landlord-Tenant Responsibilities
Renting out property is a serious undertaking. It’s always a good idea to how to ensure that the relationship between parties is a reliable one through the creation of a Residential Lease Agreement.
Who needs a Residential Lease Agreement?
A Residential Lease Agreement form is a legally binding contract between an owner of a rented property (a lessor) and a lessee. Both the landlord and the tenant have an interest in completing an agreement that defines their rights and obligations and provides legal grounds to file a lawsuit in the case of a violation.
What is a Residential Lease Agreement for?
The Residential Lease Agreement specifies the terms and conditions of the lease including the amount of payment, its due date, security deposit, provisions, etc. By signing a detailed lease agreement, both parties protect themselves in the case of property damage or misuse of rent.
Is a Residential Lease Agreement accompanied by other forms?
The given Residential Lease is a standard agreement, which does not require any attachments or supporting documentation. But, in so far as the aim of the deal is for a Landlord and a Tenant to agree to the terms and provisions, they may request any additional statements or disclosures. For instance, a Landlord, to protect themselves from non-payment of rent, can ask a Tenant to provide their credit statement or rental history. A Tenant, in turn, is advised to request a lead-based paint disclosure if the property was built before 1978.
When is a Residential Lease Agreement due?
The due date of the rental agreement, the security deposit and the first payment are subject to negotiation between the parties, but signing a rental contract form before a Tenant’s move-in is of primary importance.
How do I fill out a Residential Lease Agreement?
It is up to the parties which provisions to include in the contract. However, to be legally valid, the document must indicate the following:
• Address of the residential property
• Term and amount of rent
• Security deposit
• Use and condition of premises
• Maintenance and repair
• Property damage
• Default and late fees, etc.
Finally, a Landlord and a Tenant must date and sign the lease agreement in the presence of witnesses to make it legally binding.
Where do I send a Residential Lease Agreement?
Two copies of the lease agreement should be signed and dated by both parties; one copy is given to the Landlord, and the other is for the Tenant. Each copy should be kept until the termination of the agreement. If a real estate agent is involved in the deal, they should also retain a copy of the contract for professional records.