A lease agreement is an agreement between a landlord and a tenant that states that a tenant is allowed to use the landlord’s assets or properties provided that they pay for using it. Leases can be personal or commercial depending on the type of property and how the landlord wants it to be leased.
The main purpose of a lease is to specify the responsibilities of both landlord and tenant with regard to the asset or property being leased. The terms and conditions stipulated in a lease can be tricky, that is why you should carefully read each one before signing the contract.
What Information Should Be Included in a Lease Agreement?
- The name of the landlord and the tenant
- A brief but detailed description of the property that is being leased
- When the lease contract will start and end
- The renewal terms and conditions
- Other important clauses like default or termination clause
- How payment is made and how often it is done
- Details about additional fees and penalties
- The duties and responsibilities of the tenant and the landlord on the property
- The rights and limitations of the tenant on the property
We have free confidentiality agreement samples that are available for download.
What We Need to Make a Lease Agreement
You can’t just have your property leased just like that. There are certain things that you need to be able to make a lease and they are the following. Please also see commercial agreement examples.
- To make a lease you need a permit, more like a business permit and a building permit
- A proof that you own the property or asked to manage the property should be provided, like a property title
- Most recent tax payment made for the property
- Personal identification
- Banking information
- Reference letters about the landlord or owner
10 Tips for Making a Lease Agreements
- A lease agreement should be favorable to both landlord and tenant. It should be written with consideration to the interests of both parties. Sample agreements are written in this manner.
- It should include all of the essential elements. Not one should be missed or the lease agreement would be faulty and troublesome.
- Provide details on the unit’s condition. It is best that your tenant has an idea about what they are about to lease, it is in good condition and without damage.
- Make the payment details clear and easy to understand. It is a hassle if the payment arrangement goes wrong, that is why extra care should be taken in writing this part.
- Explain each term and condition separately. Use separate paragraphs in explaining and defining each part of the contract to avoid unwanted confusion.
- Include all necessary clauses. Important clauses should be emphasized and explained as they can be tricky at times.
- Check for pet policies. Tell whether your tenant is allowed to have pets in your leased property.
- Include repair and maintenance fees.
- Write about what will happen if the contract is breached. This includes the appropriate consequences and compensation, just like how it is written in release agreements.
- Explain any activity restrictions.
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