A lease agreement, also known as a rental agreement, is an important legal document that a landlord must complete before renting property to a tenant. Both agreements are similar in nature, but they are not identical, and it is critical to understand the differences. A lease agreement is a contract between a landlord and a tenant that covers the rental of a property for an extended period of time, usually 12 months or longer. The lease agreement is very detailed in terms of both parties’ responsibilities during the lease, and it contains all of the necessary information to ensure that both parties are protected.
10+ Tenant Rental Lease Agreement Samples
The lease agreement is in effect for the time period specified in the agreement, after which it is considered terminated. If the tenants want to stay in the property, they’ll have to sign a new lease agreement. A rental agreement differs from a lease agreement in that it is a month-to-month agreement rather than a long-term contract. This month-to-month lease agreement will expire and then be renewed each month if both parties agree.
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Pros and Cons
Both a lease and a monthly rental agreement have benefits and drawbacks. Landlords can use rental agreements to rent properties that aren’t ideal for long-term tenants. It’s also beneficial when rental rates rise quickly, allowing the landlord to renegotiate the terms of the lease month to month. They are advantageous to tenants who only need to stay in a specific location during a transition or who are unsure how long they want to rent in that area.
A lease agreement, on the other hand, is beneficial to a landlord because it provides the security of long-term income. It benefits a tenant because it guarantees the rental amount and lease length, which cannot be changed even if property or rent values rise.
Creating an Agreement
Now that you understand the differences between a lease and a rental agreement, you can create the right one for your needs. Customize, download, and print the right agreement for you in minutes using our rental agreement form or lease agreement template.
The terms of the lease and the monthly rent are fixed in a written lease agreement for the time period specified in the agreement, which is usually six months or a year.
A lease agreement prevents the landlord from raising the rent or asking you to vacate until the lease expires, as long as you follow the terms. Your lease may be terminated if the property is foreclosed upon or the landlord declares bankruptcy.
What to Include?
- Terms. The length of the lease should be specified.
- Rent. The amount of rent owed and the date on which it is due.
- Fees and deposits. Declare whether a security deposit and first/last month’s rent are required.
- All of the tenants’ names are listed here. Everyone who will be living on the property as an adult should be included.
- Limits on the number of people who can stay in a room. This should state that the property can only be occupied by the adults who signed the lease and their minor children.
- Disruptive behavior is prohibited. Include text that expresses disapproval of certain behaviors, such as making excessive noise or engaging in illegal activity.
- Pets. Tell the renter if you allow pets and, if so, what kind.
- Repairs and maintenance. Outline the tenant’s responsibilities for maintaining the property and paying for any damages caused by abuse.
- Utilities. Determine who is responsible for utility payments and what will happen if a payment is late.
- The property’s entrance. Determine your rights to enter the property to make repairs, as well as how much notice you will give.
What is an automatic renewal provision?
Some leases have an “Automatic Renewal Provision,” which means the lease will automatically renew for another term unless you tell the landlord you don’t want it to. If your lease contains an automatic renewal clause, it must be printed directly above your signature in at least 8-point boldface type.
What to do when moving out before your lease is finished?
If you want to leave before your lease expires, let your landlord know as soon as possible so he can try to find someone else to rent the unit. You may be required to pay rent until your lease expires for the time it is vacant. You may also be responsible for the landlord’s costs associated with finding a new tenant. Try to work out a deal with your landlord on the terms and conditions of breaking your lease.
If you want to see more samples and formats, check out some tenant rental lease agreement samples and templates provided in the article for your reference.
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