A Kentucky residential lease agreement is a fixed term rental contract between a property owner/manager, known as the landlord, and an individual that is known as the tenant. The tenant and landlord will come to a verbal agreement before or after a credit check is performed on the potential lessee to verify their income and previous rental experiences. After approval the landlord will decide how much of a Security Deposit is required and if the tenant needs other personal guaranty’s in order to feel comfortable that the rent will be paid on time every month.
After a verbal agreement on all the terms a lease will be formed and ready for signature. Once signed, advised to be in the presence of a notary public or qualified third (3rd) party, the contract will be legally binding.