What is the Residential Lease?
Most of the people have a property. Sometimes they have two apartments or an apartment and a house. It makes them think about renting one of the dwellings out to someone. Here is where the residential lease gets into the game. It is an agreement between a landlord and a tenant where they negotiate all conditions and requirements regarding the property.
What is the Residential Lease for?
The Residential Lease is a written document that is aimed at limiting your potential liability and determining the responsibilities and obligations of both the owner of the property and the tenant. It is based on the state laws. This agreement helps protect your rental property.
When is the Residential Lease Due?
Any residential lease agreement is due by the date established by the parties. First, a tenant announces the period of time they will occupy the dwelling. Secondly, the parties decide on the dates and indicate them in the agreement. The agreement can be either periodic (for a certain period) or fixed. The residential contract may be renewed when the document comes due.
Is the Residential Lease Accompanied by Other Forms?
This agreement may be accompanied by the copies of the documents that confirm the property ownership. It must be provided by the landlord.
What Information do I Include in the Residential Lease?
In the residential lease agreement, you must indicate the names of the landlord and the tenant, the address of the rental property and the dates of renting. The following information must be included in the contract:
- The amount of money to pay for rent and the form of payment;
- Late payments;
- Security deposits;
- Number of occupants;
- Use and conditions of premises;
- Parking;
- Damage to premises;
- Locks;
- Pets;
- Regulations;
- Insurance, etc.
The signatures of the landlord and the tenant are required.
Where do I Send the Residential Lease?
You sign the contract in front of the public notary. After that, the document will be kept by the landlord and the tenant will get the copy.