Lease Agreements are Not the Same

The lease agreement has many different names but they all mean the same thing. You can refer to a lease agreement as a rental agreement, a residential lease agreement, a rental contract and even a rental lease. All of them are legally binding. Regardless of what you call it, neither landlord, nor tenant should be without one when renting a property. It is an essential document for all parties to make sure the term of the rental are clear and agreed to by both parties. A lease agreement is prepared and offered by the landlord. It is up to the tenant to decide if he or she will accept the terms of the rental agreement.

This agreement is always in writing and should include a number of things such as the description of the property in question, the address and the type of property. The rental agreement will also cover a number of other things such as the parties involved in the agreements and details about them and what they agreed upon. The terms range from length of the lease term, amount of the security deposit, amount of rent, who is occupying the rental and whose responsibility it is for maintenance and upkeep of the property.

The price of the rental agreement will also be outlined and this is one of the most important items that you will find in any lease agreement. It will also explain the frequency of payment is required by the contract and to whom the payment is to be made. Of course, this is all pre-negotiated, so there should be no surprises in the rental contract.

However, it is essential to read the contracts right to make sure that everything is covered and that you absolutely familiar with everything. Remember that the residential lease agreement is a legally binding contract which both parties must agree to.

A number of provisions will also be included in the contract which you need to take note of. A number of typical provisions that you will find is whether you can sublet the property or whether you can make any modifications to it. In most cases, you will not be able to do either of these and this will be specified in the document. The document is there to protect both the owner and renter and should never be overlooked.

I highly recommend you use a lease agreement to protect yourself from a shady landlord.

Stirling Gardner consults for ezLandlordForms - your best online resource for a state specific lease agreement, or a free rental application.