Loading...AÂ Residential Lease Agreement is a legally-binding document between a tenant and landlord negotiated beforehand for a residential property. The Lease includes property, tenant, and landlord details. Typically, a Standard Residential Lease Agreement is a fixed-term lease, generally lasting for a one year term. Renters who break their lease lose their deposit and, if applicable, their pre-paid rent for the final month of the lease. A tenant who breaks their lease may be held liable for the amount of time and rent left on their contract. How much the tenant will be liable for depends on their state laws. Both the tenant and the landlord should keep a copy of the signed agreement for their records. When entering into any type of residential rental circumstance you should ensure that you have a valid contract to outline your rights and responsibilities as a landlord or a tenant.
What to Include
While each agreement can be customized for both the tenant and landlord’s needs, there is some important key information that should be included, such as:
- The term or length of the contract
- The amount and frequency of rent
- Whether there can be rent increases during the duration of the term
- If tenants are allowed to smoke, have pets, or a home business, etc.
- The amount of security/damage deposit, charges for late payments, additional charges (such as utilities)
- The maintenance and insurance obligations
- Any rules and regulations about house guests
- If there is an option to purchase the property
- If there is an option to renew
A Standard Residential Lease Agreement should be completed and signed by both parties whenever a residential property is being rented. This includes but is not limited to:
- A house
- An apartment
- A condo
- A mobile Home
- A basement Suite
- A duplex
- A townhouse
- A single room
Free State Specific Residential Lease Agreements
