A Michigan Standard One (1) Year Lease Agreement is a legal contract binding the landlord and tenant into a lease for a fixed term (1+ years), transferring possession and use of the rental property. The contract must be signed by both parties to be valid. This agreement complies and is current with all laws and statutes under Michigan Law including the Truth in Renting Act which legally requires the following notice to be in the lease:
“NOTICE: Michigan law establishes rights and obligations for parties to rental agreements. This agreement is required to comply with the Truth in Renting Act. If you have a question about the interpretation or legality of a provision of this agreement, you may want to seek assistance from a lawyer or other qualified person.”
What should be included in the lease?
The following should be included in a fixed-term lease agreement:
- Name and signature of the landlord and tenant(s).
- Rent amount to be paid, how often (the day in which it should be paid), and where it is to be paid.
- Address of the rental property including the address of the landlord.
- Staring and ending dates of the lease.
- Amount of security deposit, if any.
- Name and address of the financial institution in possession of the security deposit.
- Notice of the tenant’s obligation to provide a forwarding address to the landlord within 4 days of terminating the tenancy.
- Who is responsible for paying utilities (either landlord or tenant)/Repair and maintenance responsibilities.