What Is a Residential Lease Agreement?
A Residential Lease Agreement - commonly confused with a Residential Rental Agreement - is a legal document used when leasing a house, an apartment or other types of residential property. The contract states the conditions and rules of the transaction and the responsibilities of both participating parties - the landlord and the tenant.
- Residential Lease Contract.
This document is necessary for both the landlord and tenant in case any issues occur in the future. It is better to have a written lease with all terms and conditions of the rental even if the landlord and tenant are relatives or friends. The terms and disclosures required in a lease usually differ from state to state. Be sure to look up the laws of the state and county where the property is located before continuing with the agreement.
A basic agreement must include the information about the rental property, the agreed-upon amounts of the rent payments, details about the security deposit, the pet policy, etc. All of these specifics are included to protect the interests of both the landlord and tenant and disclose the expectations of each party to the other. Basic residential lease agreement templates list the more commonly used clauses. Any additional terms of the contract must be negotiated by the landlord and tenant. After both parties deem the contract to be suitable, the form is filled out, printed, and signed with separate copies kept by each of the parties.
Is There a Difference Between a Lease Agreement and a Rental Agreement?
A lease is a long-term arrangement that covers the renting of property over a period of 12 or more months. Shorter-term leases are documented using Rental Agreements that are usually renewed on a month-to-month basis. Both documents must cover everything that both parties need in order to ensure safe landlord-tenant relations.
How to Use a Residential Lease Agreement?
Any Lease Agreement for a house is used to help the participating parties set forth all the obligations and conditions of the lease and to manage any disputes that may arise in the future. The contract is usually drafted by the landlord with all of the basic information - such as names, addresses, and dates - already specified within.
The landlord may also set specific clauses regarding what a tenant can and cannot do. This may include rules concerning pet ownership, remodeling the property, sublet the premises, etc. The agreement must also feature detailed clauses on any possible violations of the lease. These include penalties for violating house rules, withholding rent payments or doing damage to the property.