If your landlord asks you to make a rental lease agreement and you have no idea of how it is done then there is no need to panic. Here we'll discuss everything you need to know about a house rental agreement or an apartment lease agreement; how it is made. Let's first know what a residential lease agreement is.
What Is a Rental Lease Agreement?
A rental lease agreement will act as a legal document that will save you from future conflicts. It will act as a mutual understanding between the person who is going to occupy the premises on rent and the owner of the property.
When you go to purchase a particular product from a store they give you a receipt as proof of your payment. Having this receipt saves you from a lot of future problems and acts as evidence that you have paid a particular amount for the product.
In the same way, when you go to buy or take a house for rent then the standard lease agreement is needed. These agreements act as legal documentation where the tenant and the property owner agree on multiple things.
A residential lease agreement consists of all the legal outlines on which both parties have agreed. A standard rent lease agreement can also be defined as a legal binding of the landlord with the tenant where the tenant agrees to pay a particular amount as rent every month.
In return, the tenant will be occupying the property of the landlord through a mutual agreement. Creating a standard residential lease agreement will save one from future disagreements and will help to resolve if one arises.
What Does a Rental Lease Agreement Include?
If you want to know about the necessary things that a residential lease agreement includes then read the following points given below. It will tell you every piece of information you need to gather while creating one.
The Name and the Address
The first thing that is mandatory and needs to be included in a standard rental agreement are the names of the tenant as well as the landlord. If the property is to be rented to a family then the name of the adult members should be written.
Besides that, the address of the property needs to be mentioned too in the house lease agreement that is to be rented.
Limitations of Tenancy
The limitation of tenancy needs to be included in the standard residential lease agreement. It means the name of the people that appear on the agreement will be the ones who will be living in the rented property.
Allowing friends and relatives can be considered as violating the rules of occupancy.
Rental Fees, Other Fees and Security Deposit
The rental fees of the property need to be mentioned along with the starting date to the ending date on which the rent needs to be paid. Other fees like the water bills, electricity bills, maintenance needs to be mentioned too in the standard rent contract.
If the security deposit has been taken then the amount needs to be included too in the standard house rental agreement.
If there are limitations then they need to be included in the residential lease. The residential lease agreement form or residential lease agreement template should include limitations like rules on pets, unnecessary damage to the property, rent control rules and more.
The signature of the tenant and the landlord should be taken along with the dates as proof that both the parties have agreed to the terms and conditions mentioned in the simple lease agreement.
Who Needs a Rental Lease Agreement?
Owning a house has become very expensive which is why many of us prefer choosing rented houses. The residential lease agreement is needed by the individuals who are willing to occupy rented houses and the landlords who are willing to rent their property to these people.
Such a house rental agreement will save both parties from future problems and resolve conflicts if they arise.
What is the Difference Between a Tenant and an Occupant?
Now let's know the difference between a tenant and an occupant. Tenants are the ones who sign an agreement that contains the rules and regulations which bind them into certain obligations mentioned under the residential lease.
They are responsible for paying rents to the landlords. Whereas an occupant can be defined as those who have the authority to reside in the property with the permission of the landlord.
Occupants do not reside under any financial obligation. A child under the age of 18 is considered an occupant and not a tenant.
How to Fill out the Rental Lease Agreement?
If you are looking forward to filling out the Rental lease Agreement, then it is better if both parties sit together and do it based upon their mutual terms. Therefore they can resolve disagreements before filling the standard leases. But you can also edit or sign a rental lease agreement online with free PDF editing tools like CocoDoc if you are not physically present.
You need to fill out all the necessary details that are present in the residential lease agreement. Fill in all the details like the name, rent amount, security deposits, starting and ending dates and so on.
Make sure that you do not miss any of it. Downloading a standard lease agreement form or residential lease agreement template can help. Check clearly to ensure that it has everything you need.
In case of any customisation, seek help from a lawyer and make a standard lease agreement yourself. It is because the lawyers are familiar with all the laws and regulations of your state.
If you seek help from a lawyer then he/she will give you the necessary advice to create a perfect residential lease agreement and avoid errors of any type.