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A Residential Lease is sometimes called a/an:
Rental Lease Agreement
House Rental Agreement
What is a lease?
A lease is a contract a landlord and tenant sign when a tenant wants to rent commercial or residential property.
A Residential Lease Agreement is a lease agreement that is specific to residential rental properties and is used to outline the terms and conditions of a tenancy, including the rights and obligations of the landlord and tenant. It can be used for various types of residential properties, including apartments, houses, condos, duplexes, townhouses, and more.
To rent commercial property, use LawDepot's Commercial Lease Agreement.
What is included in a Residential Lease Agreement?
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Landlords using LawDepot's Residential Lease have the option of using a standard or comprehensive agreement.
Standard rental leases generally include:
Contact information for the landlord and tenant
Property details (address, square footage, amenities, etc.)
Lease specifics (the type of lease, length of the term, etc.)
Rent payment details (the amount due, payment frequency, charges for late payments, etc.) and other payment information (such as details about a security deposit)
Rental rights and obligations for the landlord and tenant
Other details such as dispute resolution methods (mediation, arbitration, or both), if there are any signing incentives for the tenant, and whether there is an option to purchase (sometimes called a rent-to-own) and/or an option to renew the lease
With LawDepot's comprehensive rental agreement, landlords are also able to:
Specify if the property is furnished or not, with the option to include a description
Identify a property manager who will look after the property on the landlord's behalf
Allow a tenant to operate a home business on the premise
Incorporate a pet deposit or fee
Include information about a guarantor (a third-party, like a parent or close friend, who agrees to cover the financial obligations in the event that the tenant defaults on rent)
Both the tenant and the landlord should keep a copy of the signed agreement for their records.
Who needs a Residential Lease Agreement?
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.
Various individuals or organizations may find this document useful, such as:
Homeowners looking for tenants
Tenants looking for a home to rent
Landlords, property managers, and tenant placement services
Individuals renting residential property to family and/or friends
Tenants or landlords looking to rent a property with an option to purchase
Should my lease end on a set date?
Before creating a lease agreement, landlords need to decide whether they want the lease to end on a set date or not.
A lease with a predetermined end date, usually called a fixed term lease, is when the tenant agrees to rent the property for a certain period of time at a fixed price. This type of lease uses calendar dates to specify the start and end of the lease. At the end of a fixed term lease, the landlord and tenant can sign a new lease with updated dates and information or move on.
A lease without an end date, usually called a periodic tenancy or automatic renewal lease, is when the lease automatically renews after a certain duration (for instance, every month, six months, or year). With this type of lease, the landlord and tenant rent until one party provides appropriate notice signifying they want the lease to end.
Both types of leases carry their own advantages and disadvantages, depending on the situation in which they are used.
How do I rent a room in my house?
Using a Lease Agreement, landlords can specify that they are renting out a room as opposed to an entire unit. With a room rental lease agreement in place, landlords can be sure tenants understand their rights and obligations, including how much rent is, when it is due, what areas of the property they can access, and more.
Because landlords and tenants occupy the same premises, it is important that landlords discuss boundaries and expectations at the start of the tenancy, such as when a landlord can legally enter the tenant's space, what house rules are in place and how they will be enforced, how guests will be handled, and more.
What does it mean to rent-to-own?
Rent-to-own, sometimes called option to purchase or lease-to-own, is when a tenant is provided the opportunity to purchase the rental property from their landlord.
For this type of agreement, a renter pays a non-refundable option fee and in return the landlord provides the renter an option to purchase the home at a predetermined price. If the tenant decides not to purchase the property, the landlord keeps the option fee.
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Often, an option to purchase in a lease is used when a landlord wishes to sell a home or unit but the potential tenant does not qualify for a lender-based mortgage for reasons such as the tenant has a poor credit score or is unable to pay the full amount for a deposit.
Rental Application: collect information to screen potential tenants for a rental property
Rental Inspection Report: inspect the state of your tenant's rental property before and after tenancy to assess any damages
Eviction and Lease Notices: notify your tenant with landlord notices such as Eviction Notice, Notice of Lease Violation, Notice to Increase Rent, Notice of Termination, Demand for Compliance or Possession, and Notice to Pay Rent
Rent Receipt: create proof of your tenant's rent payment for your records and theirs
Commercial Lease Agreement: lease a commercial space to a business tenant and include details about the rights, duties, and responsibilities of the landlord and tenant
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