A residential lease often requires the tenant to live on the property. Many residential leases are valid for one or more years, though many landlords are more flexible, allowing tenants to enter residential lease agreements for periods of six, or even three months. This agreement allows the tenant to reside at, or use the property for the duration of the lease in exchange for rental payments. Residential Lease AgreementĪ residential lease agreement is a contract made between a landlord and a tenant for a certain period of time. The terms of a lease agreement remain valid for the entire term, but the terms of a rental agreement can be changed by either party with sufficient notice. This is known as a month-to-month tenancy. At the end of the rental period, the rental agreement automatically renews for the next period. Where a lease agreement for real property, such as a home, is commonly signed for a period of six months to one year or more, a rental agreement is usually only valid for 30 days. Rental AgreementĪ rental agreement is similar to a lease agreement, but only provides for use of the property for a short period of time. Repairs and Maintenance – Who is responsible for repairs and maintenance to the property.This is most often used in commercial rental agreements. Insurance – Whether the lessee is required to maintain insurance on the property.Utilities – Which utilities are included in the rent, and which utilities the tenant is responsible for.Terms of Use – The purpose for which the property is to be used, and other issues, such as illegal acts committed on the property, or with the item leased.When referring to a car, it may list the people allowed to drive it. Occupancy – The maximum number of occupants permitted in the building.Deposits – The amount of any deposits required, and the purpose of each deposit, and conditions for return of any deposit at the end of the lease.Rent – The amount of rent that will be paid to the owner each month, and the consequences for failing to pay the agreed upon amount by the due date.Duration – How long the lease agreement is in effect.Terms commonly included in a lease agreement: The lease is legally binding, so if John moves out early, he may be held liable to pay for the entire length of the lease, even though he was no longer living there. When John leases a house from David, he signs a lease agreement that specifies the location of the home, the monthly payment amount, the duration of the lease, and any other requirements of the parties, such as a ban on pets. Formal lease agreements are legally binding on both parties, and breach of the agreement, or failure to uphold the provisions of the agreement, has legal consequences.Ī good example of lease agreement terms pertains to rental property. The lease agreement outlines all of the aspects of the lease arrangement so that each party understands his rights and obligations under the lease. What is a Lease AgreementĪ lease agreement is a legal contract used when a party conveys land or personal property to another party for a specific amount of time in return for payment. A legal contract specifying the terms under which one party agrees to rent property from another party for a specified period of time.
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