What is a Lease Agreement?
A lease agreement is any type of document that enables a customer to rent an item or property from another entity. It’s a document most commonly used for real estate properties, both residential and commercial. If moving to a place like New York City, you would most likely be signing an apartment lease or if moving to the countryside of Montana, a house lease. A lease is most commonly signed on a 1 year agreement, although short term monthly rental agreements are popular too. Leases are governed by the clauses stated in the agreement which also are ruled by the laws of the state.
A lease agreement is also referred to as the following:
- Rental Lease Agreement, Standard Lease Agreement, Rental Contract
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How to Write a Lease Agreement
If you are new to owning property or becoming a landlord, you will need to know the ins and outs of a lease agreement pretty well. For professional help, it’s best to hire a landlord & tenant attorney to draft a lease agreement for your property. If you wish to draft to your own lease agreement (annual), follow the steps below.
1 – Lessee(s) / Lessor Information
Every tenant, called a lessee, that will be living on the property needs to be included in the lease agreement. The same goes for the landlord, who is called the lessor. Completing the information of the lessee and lessor should be the very first part of the agreement. It’s the easiest section of a lease agreement and when it comes time to filling out the document with the lessee, it gets both parties off to the right start.
- Name of lessee and lessor
- Property’s address
2 – Terms of the Lease
In the terms of the lease is where you will need to include information about when the lease will begin and end. Also, you will need a section in the terms of the lease that provides a place to input the rent amount both in numerical and written format. Helpful tip: In most states, monthly and annual lease terms have different rules of engagement. Monthly lease agreements are more lenient to the tenant whereas an annual lease terms gives more protections to the landlord.
- Beginning and end date
- Monthly rent amount
- Lease type (fixed-term or month to month)
3 – Rules and Provisions
This sections of the agreement states what the tenant and landlord can and cannot do. In most apartment buildings, all tenants are normally subject to the same rules but even so, these rules still need to be written into the agreement. Rules such as noise, occupants staying over and illegal activity should be covered in this section. When a rule or provision is broken, the tenant is considered in breach of the rental agreement and a landlord can bring about an eviction if the breach isn’t fixed within an allotted timeframe.
4 – Rent, Deposits and Fees
5 – Legal Entry to Premisses
6 – Repairs or Maintenance
7 – Signing Requirements
Many people have two questions when it comes to the security deposit which are: Is there a security deposit and how much? And, do you get your security deposit back? Almost every landlord/owner charges a security deposit when renting out their property. A security deposit is normally equal to one or two months rent, depending on the tenant’s credit report and rental history. If a tenant damages or abandons their lease during tenancy, the deposit is there to cover any losses incurred by the landlord. After a lease ends, landlords have a certain timeframe set by the state to return the security deposit back to the tenant.
- Security Deposit Return Letter/Refund
Federal Fair Housing Act
Termination of Lease Agreement
- Lease Termination Letter
- Early Lease Termination Letter
Co Signing a Lease
How to Get Out of a Lease (Breaking a Lease)
How to get out of a lease agreement?
What if your roommate abandons a lease agreement?
How to evict a roommate with no rental agreement?
Can you use a lease agreement as proof of residency?
How to evict a tenant without a rental agreement?
How to negotiate a rental lease agreement?
Can a landlord break a lease?
Can a landlord change the lease after it is signed?
What is a lessee?