A Residential Lease Agreement happens to be a lease contract that is residential rental property-specific. This type of contract can be used for outlining tenancy terms and conditions, including tenants’ and landlord’s obligations and rights. The agreement can be utilized for apartments, townhouses, duplexes, condos, houses and other kinds of residential properties. Find out what a standard lease agreement for residential properties includes.
Contact information
It includes the contact details of tenants and landlords, including the name and address of the same. These details can help in the identification of both parties in future.
Property details
A standard lease or rental agreement also contains all the details about properties, such as amenities, square footage, address and more.
Specifics of lease
The contract also has all the specifics of lease, such as the term length, type of lease etc.
Rent payment information
This includes information such as the amount that is due, the frequency of payment, late payment charges etc. Other details about payments, such as security deposit information, are included also.
Rental rights and obligations
The rental obligations and rights for tenants and landlords are there as well. Such a rental contract also has other information, like arbitration, mediation and other methods of resolving disputes, in case any incentives are offered to tenants for signing the agreement, and whether any option is there for buying and renewing the lease contract. When lease agreements have an option for tenants to purchase the property that they live in, the contract is sometimes referred to as a rent-to-own lease agreement.
Guarantor information
This type of contract also consists of details about a guarantor, such as a close friend, a parent or some third-party that consents to covering all the monetary obligations of the tenant in case he or she defaults on rent and becomes a defaulter. You may also download a free lease agreement in Texas or Florida from the website forms.legal
