Ever wondered what’s inside a Rental Lease Agreement?

1. Ever wondered what’s inside a Rental Lease Agreement? Anyone who has ever put out his/her property out for rent/lease knows the hassle that is involved in the process. Many incidents and events can take place between two parties in the absence of any guideline or contract. This is the reason why so much emphasis is imposed on making a Rental Lease Agreement. To avoid any confusion or dispute of interests, it is always recommended to have a Rental Agreement in written, with both the parties as the signatories to it. Unlike a verbal agreement, which can be misunderstood, difficult to recall and enforce, a written Rental Lease Agreement signed by both parties can be upheld in the court. A Rental Lease Agreement clearly states all the rules, rights and responsibilities for the rental, and protects both the landlord/property manager and the tenant renting a property. This is a legal binding between the tenant and the landlord over the use of a property for a specific duration. Apart from the basic information of both the parties, there is a huge list of things that are covered and ensured under this contract. A Basic Residential Lease Agreement form includes the following information: •Names and contact of Landlord and Tenant •Address and type of property being rented •The state of the property: furnished or unfurnished •Initiation and end date of the Lease •Amount of rent payable and the due date for every month •Any charges if rent is paid late •Consequences of missing a rent payment •Conditions to increase the rent •Deposits paid (security/damage deposit, pet deposit, etc.) •Does Tenant have option to renew lease or to purchase property (rent-to-own)? A Residential Lease Agreement may also include information about the following: •Utilities and Upkeep •Payment of electricity, water, gas, garbage, cable TV/Wi-Fi, lawn care bills. •Responsible for maintenance and repairs to the property •Policies and Permissions •Alterations to the property such as painting walls, gardening, outdoor décor, etc. •Pet policies •Rules for use of common areas: pool, clubhouse, fitness center, etc. •Storage areas •Guest policies (if any) •Parking instructions

2. •Noise policy •Any fines related to breaking policies/rules •Access: The number of keys given to Tenant and fees for lost/additional keys •Landlord’s right to entry with advance notice Apart from this there should be a detailed column highlighting the amount of Security Deposit paid and the terms and condition to which the Tenant is liable. Forms.legal has a hassle-free process to finish creating a Rental Lease Agreement online. Get started with your Agreement process today and enjoy a peaceful stay ahead!