Rental Lease Agreement—Don’t Rent Without One
Anyone who has ever rented a property knows that many things can happen over the course of the rental, and if there is no agreement in place for how such things will be handled and by whom, it can be confusing and often costly. That’s why it is in the best interest of all parties to use a residential Rental Lease Agreement when renting any type of living space and situation, including renting a house, apartment, condo, room and roommate arrangements, etc. A Rental Lease Agreement is a legally binding contract that spells out the rules, rights and responsibilities for the rental, and protects both the landlord/property manager and the tenant renting a property. Unlike a verbal agreement, which can be misunderstood, difficult to recall and enforce, a written Rental Lease Agreement is a legal document signed by both parties and can be upheld in court.
A Rental Lease Agreement minimizes misunderstandings and disputes
A Rental Lease Agreement in the most basic form includes start and end date of lease, amount of rent and due date, deposits paid (security/damage deposit, pet deposit, etc.). Just as importantly, A residential Rental Lease Agreement should also include details on how various seen or unforeseen issues will be handled, in order to minimize misunderstandings and disputes, should any problems arise over the course of the rental term. . For example, who will pay for maintenance and repairs of the property? Are utilities included in the rent? Are pets allowed? Can the rent be increased? What happens if the lease is broken?
A Rental Lease Agreement protects both the landlord and the tenant
A Rental Lease Agreement is usually prepared by the Landlord, but can also be prepared by a Tenant, and is typically entered into at the start of the rental and remains in effect until the date specified in the Rental Lease Agreement. Both parties should carefully review and sign a Rental Lease Agreement and keep signed copies for their records.