If you're leasing a new place or you're renting out your property to a tenant, a Residential Lease makes things official. With this key document in place, you can agree on lease terms and set it down in writing—from the rent to the length of the lease. It's smart to get your Residential Lease taken care of before the move-in date so you can start out on the right foot.
You can use a Residential Lease to explain all the rights and obligations of a landlord and tenant with respect to a residential (i.e., non-commercial) rental property. Your Residential Lease should include information like: the address and a description of the property; the names and contact information of the landlord, tenant(s), and property manager; whether the lease is for a defined term, or month-to-month; the amount and due-date of each payment; information on guest policies, pet policies, parking privileges, and storage privileges; who is responsible for which utilities and maintenance responsibilities; the maximum amount the landlord must spend on repairs; how to terminate the lease; and information about any lead paint used on the premises. If you're a landlord, check with your state and local laws before determining late fees, monthly rent, limits on the number and type of tenants, and security deposits. Finally, we recommend printing our Inspection Checklist so everyone's on the same page when it comes to the property's condition.
Other names for this document: Residential Lease Agreement, Apartment Lease Agreement, Lease Agreement Form
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