A lease is an agreement between two parties, namely the landlord and the tenant, that pertains to the use of a certain property in exchange for payments. A lease agreement contract is a legal document that binds both the landlord and the tenant to it. That is why lease agreement making should not be taken lightly by any landlord.
The purpose of a lease agreement contract is to produce a legal document that outlines the terms and conditions for the use and payment of a leased property, and at the same time obliges both parties to follow it or there will be consequences.
What Are the Basic Components of a Lease Agreement?
Writing a lease agreement requires you to know the basic components that should be included in it, just like what is shown in commercial agreement examples. We have listed them below for your reference.
- The name of both parties involved in the lease agreement
- The description of the property that is written in detail
- The specific start and end date of the lease
- The renewal terms of the lease, including other important causes
- The payment method and frequency
- Additional fees, like security deposits and late fees
- A statement about the specific duties and responsibilities of the tenant and the landlord
- The rights of the tenant on the property
- The limitations of the tenant on the property
How to Write Up a Lease Agreement
- Use an agreement template of your choice that is appropriate for your needs.
- Write down each part of the terms and conditions in separate paragraphs.
- Write clearly and concisely.
- Provide a space where both landlord and tenant can write their names and affix their signatures to bind them to the lease agreement. Do this regardless if it is a personal or commercial property lease agreement.
- Check for spelling and grammar errors.
11 Things You Need to Do before Signing a Lease Agreement
You can’t be too cautious nor can you be too careless, especially when it comes to signing a lease agreement contract. So before you sign it, check this list of 11 things that can help yo determine if both the property and the contract is good for you. You might find confidentiality agreement samples useful.
- Confirm that the details you were told about the lease are all true.
- You should know how a lease works and be able to read and understand it. Leases contain a lot of tricky stuff that you might not want to get into.
- Know how to detect a generic lease agreement. Avoid them as much as possible as they may have a lot of loopholes and flaws that could get you into a lot of trouble.
- Look for all the clauses in the lease agreement and determine which ones are important.
- Watch out for clauses that are illegal.
- Determine if it follows local laws and state laws.
- Take note of any additional fees and penalties.
- Look for the landlord and tenant duties and responsibilities.
- Inquire about any house rules the landlord has.
- Know if pets are allowed.
- Be aware of your rights as a tenant.
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