Residential Lease Agreement



Residential lease Agreement A lease is a contract calling for the lessee (user) to pay the lessor (owner) for use of an asset. A rental agreement is a lease in which the asset is tangible property. Leases for intangible property could include use of a computer program (similar to a license, but with different provisions), or use of a radio frequency (such as a contract with a cell-phone provider). A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership from lawnmowers and washing machines to handbags and jewelry. A cancelable lease is a lease that may be terminated solely by the lessee or solely by the lessor. A non-cancelable lease is a lease that cannot be so terminated. In common parlance, “lease” may connote a non-cancelable lease, whereas “rental agreement” may connote a cancelable lease. The lease will either provide specific provisions regarding the responsibilities and rights of the lessee and lessor, or there will be automatic provisions as a result of local law. In general, by paying the negotiated fee to the lessor, the lessee (also called a tenant) has possession and use (the rental) of the leased property to the exclusion of the lessor and all others except with the invitation of the tenant. The most common form of real property lease is a residential rental agreement between landlord and tenant.The relationship between the tenant and the landlord is called a tenancy, and the right to possession by the tenant is sometimes called a leasehold interest. A lease can be for a fixed period of time (called the term of the lease) but (depending on the terms of the lease) may be terminated sooner. A lease should be contrasted to a license, which may entitle a person (called a licensee) to use property, but which is subject to termination at the will of the owner of the property (called the licensor). An example of a licensor/licensee relationship is a parking lot owner and a person who parks a vehicle in the parking lot. A license may be seen in the form of a ticket to a baseball game. The difference would be that if possession is subject to ongoing, recurrent payments and is generally not subject to termination except for misconduct or nonpayment, it is a lease; if it's a one-time entrance onto someone else's property, it's probably a license. The seminal difference between a lease and a license is that a lease generally provides for regular periodic payments during its term and a specific ending date. If a contract has no ending date then it may be in the form of a perpetual license and still not be a lease. Under normal circumstances, owners of property are at liberty to do what they want with their property (for a lawful purpose), including dealing with it or handing over possession of the property to a tenant for a limited period of time. If an owner has surrendered possession to another (i.e., the tenant) then any interference with the quiet enjoyment of the property by the tenant in lawful possession is itself unlawful. Similar principles apply to real property as well as to personal property, though the terminology would be different. Similar principles apply to sub-leasing, that is the leasing by a tenant in possession to a sub-tenant. The right to sub-lease can be expressly prohibited by the main lease, sometimes referred to as a "master lease". For More Info Please Visit :- Residential Lease Agreement How to Create a Residential Lease Agreement You must follow proper protocol when deciding to rent out your home to another person. One essential step in the process is drafting a Residential Lease Agreement between you (landlord) and the renter (tenant). This ensures that both parties enter into the contract with an understanding of what is expected during the term of the lease. Generally, leases can last one year, a couple of months or even shorter periods of time. Written leases are especially important if a tenant damages the residence or fails to pay rent. A written document of your agreement with a tenant protects your rights as a landlord and strengthens your case if you end up in court. Instructions 1.Indicate in writing who the lease agreement is between. Include the legal name of the tenant and landlord and the name of the property management company, if necessary. 2 State the address of the residence in the lease agreement. The address should list the street name, house number, city, state and zip code of the residence. 3 Include the exact date the lease agreement becomes valid and the exact date the agreement ends. Decide if you want to add a section that allows the lease to be renewed upon expiration. 4 State the amount of the security deposit required before the tenant can move into the residence. Indicate if the deposit is to be returned once the lease expires and the terms and conditions that must be met by the tenant before receiving the refund. 5 Document the amount of monthly rent and the due date in the lease. State the date in which the rent is considered to be late. If the rent is not received by its due date, put in writing the late-fee amount. This is an important piece of information if you are renting your home as a rent-to-own. If a percentage of rent payments are to be applied toward owning the home, state this amount as well. 6 Write in the lease any additional payments the tenant must pay, including homeowners association fees, insurance, gas, electricity, trash collection and water. 7 Indicate in the agreement if the landlord or tenant is responsible for upkeep and maintenance of the residence. For instance, you can write that the tenant is responsible for all yard upkeep and for all repairs inside the home. Also, be sure to state whether the tenant can make improvements and alternations to the home, such as adding wallpaper, painting and removing carpet. 8 State in the lease agreement that you (the landlord) have the right to enter the property at will. Maintain the right to evict the tenant and the conditions in which you can initiate an eviction in the lease. Check with the laws of your state before wording this section of the agreement. Consult with an attorney, if needed. 9 Write your policy concerning pets. State if you allow pets in the home, how many, what breeds and the size limit. Include if a pet deposit is required up-front and any monthly fees to be paid by the tenant. For More Info Please Visit :- Residential Lease Agreement		SITE:- http://www.doczap.net/