A condo lease agreement is a legal document used between the owner and the tenant for a condominium or condo. Therefore the latter can use the property in exchange for an amount paid as rent.
It is mandatory that a condo leasing agreement be fulfilled in case any renting or leasing happens. Once both parties agree to the terms and conditions, the condo rental agreements would be signed.
What is a Condo Lease Agreement?
In case a person wants to rent a condominium temporarily the same could be done through a condo lease agreement or a condo rental agreement.
In case of a rental lease agreement, every thirty days both parties can review the terms and conditions and agree to continue with the same contract or terminate the contract. The lease is for longer-term usage.
The landlord would usually charge a fee as a security deposit equal to the rent amount of a month. In case the owner withholds any of the security deposit without proper reason, they may be liable to pay the deposit amount along with penalties to the tenant.
However, the landlord should always verify the tenant's financial background and credit details to assess whether the tenant would be able to clear monthly rents or not.
The condominium leases insist that in case of termination of this agreement both parties are liable by law to give written notice of 30 days with the intention to terminate the contract.
How to Create a Condo Rental Agreement?
Once both landlord and tenant agree to a condo lease agreement, a legal document must be signed by both parties. In the condo lease agreement paper, the type of agreement must be mentioned whether its a rent or lease.
The condo lease document could be found on the internet as PDF. Both the landlord and the tenant must sign the paper to make a binding contract for the subject property.
In the case of an unfulfilled contract, the same can be shown in a court of law to settle the legal dispute.
What Details One Should Include in a Condo Lease Agreement?
To make the lease agreement paper legal for a condo leasing agreement below information needs to be mentioned.
- Name of the Owner and the Tenant
- Description of the property
- Monthly rent, due dates, late payments
- Modes of rent payment available to the tenant
- Security deposit amount (The same should be refunded without interest once the lease is terminated)
- Amenities and facilities available on the condo
- Rules & Regulations to maintained
- Maintenance Cost if any
- Refund Clause if any
Apart from the above, both parties can include any other information as well per their discretion. In case of a contract violation, this rental agreement PDF stands very important and will be checked thoroughly by authorities.
The owners need to be very careful while drafting any condo lease agreement. Since the owners are liable to refund the deposits, they should be very careful and do proper background checks before agreeing to a residential lease or month-to-month lease agreement.
It will help in case any legal course of action is required.