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Lease Agreements: Top 5 Clauses You Can Find

Leasing a property involves more than just securing a place to live or run a business. It entails a legal agreement between the landlord and the tenant, outlining the terms and conditions that both parties must adhere to throughout the lease period. Know about the five common clauses found in a free lease agreement template, which highlight some of the crucial aspects that every tenant and landlord should be aware of.

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Lease Agreements: Top 5 Clauses You Can Find

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  1. Lease Agreements: Top 5 Clauses You Can Find Leasing a property involves more than just securing a place to live or run a business. It entails a legal agreement between the landlord and the tenant, outlining the terms and conditions that both parties must adhere to throughout the lease period. Know about the five common clauses found in a free lease agreement template, which highlight some of the crucial aspects that every tenant and landlord should be aware of. Term / Duration The first and foremost clause in any lease agreement is the term or duration of the lease. This specifies the length of time the tenant has the right to occupy the property. Whether it is a fixed- term lease or a month-to-month arrangement, understanding the duration is crucial for planning and commitment. Terms of Use The terms of use outline how the property can be utilized. It includes details on whether modifications can be made to the property, the allowed usage (residential or commercial), and any restrictions imposed by the landlord. Clarity on these terms ensures a harmonious living or working relationship between the tenant and the property owner. Rent Amount The rent amount is arguably the most critical aspect of an Arkansas lease agreement. This clause specifies the monthly or periodic payment the tenant agrees to make for the right to occupy the property. It is essential for both parties to be clear on the amount, due date, and any penalties for late payments to avoid misunderstandings and financial disputes. Deposit Most lease agreements include a clause regarding a security deposit. This upfront payment serves as a financial safety net for the landlord, protecting against potential damages or unpaid rent. The agreement should outline the conditions under which the deposit may be withheld and the process for its return at the end of the lease term. Insurance While property insurance is typically the responsibility of the landlord, lease agreements often require tenants to obtain renter's insurance. This type of insurance covers the tenant's personal property against theft or damage. Also, some agreements may specify whether the tenant is required to contribute to property tax payments, adding another layer of financial responsibility.

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