Do you want to create a residential lease agreement? Here are downloadable residential lease agreement templates for you. You can also find details about what is a residential lease agreement and who is using them.
What Is a Residential Lease Agreement?
A residential lease agreement is a written contract between a tenant and a landlord which defines the terms under which the tenant can rent the residential property (house or apartment) owned by the landlord.
Residential lease agreements are also commonly known as landlord-tenant lease agreements or apartment lease agreements. The residential lease agreement is effective from the date of the beginning of the rental term until the end of the rental term, as defined in the lease agreement itself.
Residential lease agreements avoid the possibility of a future conflict between the landlord and the tenant. In case of a conflict, the residential lease agreement also provides the resolution for conflicts mentioned in the agreement itself.
Who Needs a Residential Lease Agreement?
Residential lease agreements are generally needed by the landlords and the tenants before the beginning of the lease. This is because a residential lease agreement defines the terms under which the landlord is leasing the property and the terms under which the tenant is renting it.
Therefore, there can not be any issues later regarding the condition of the property, situation of maintenance, etc. as all of these things are clearly mentioned in the residential lease agreement.
Further, the residential lease agreement gives the tenant the official permission to use the landlord’s premises. At times, a copy of this lease agreement can be needed in case a tenant needs to verify their temporary residential address.
What Should be Included in a Residential Lease Agreement?
The components of a residential lease agreement can be anything that is agreed upon by the tenant and the landlord beforehand. In general, the following components are found commonly in a residential lease agreement:
Name of Tenants and Landlord
The residential lease agreement should clearly define every tenant who is renting the property, and the name of the landlord. Further, each of the tenants should sign the lease agreement so it can be ascertained that they are all responsible for the terms mentioned in the agreement.
Description of Property
The description of the property should include the physical address of the property, along with the assets that are being provided with the property such as refrigerators, microwave oven, dryers, water purifiers, etc.
The tenure of the lease can be decided by the landlord and the tenant beforehand. It can be monthly, yearly, or any other customized time. In general, many people choose eleven months as their lease tenure.
The residential lease agreement should state the process of lease renewal. Generally, month to month leases have an auto-renewal feature unless the landlord gives a notice of non-renewal. Therefore, the document should also include the clause for the non-renewal of the lease.
Payment details also need to be provided in the residential lease agreement. Details of payment include the fee for renting the property, any security deposits, any advance fee, etc.
What Is the Difference between Fixed-Term and Month-to-Month Lease?
In a month-to-month lease agreement, the lease agreement does not have a specified end date. It continues every month unless the landlord or the tenant wants to terminate the lease agreement.
In a fixed-term lease agreement, the lease is set for a fixed period of time and the end date of the lease is predetermined. After the expiration of the lease, the landlord and the tenant can choose to renew the lease with the same or modified terms or end it altogether.
Choosing the type of lease can be based on the requirement of the tenant and the preference of the landlord. No matter which type of lease is chosen, it applies only if both parties agree to it.
Furthermore, if the period of a fixed-term lease expires and the landlord still allows the tenant to live in the residential property, most territories see this as ‘month-to-month’ lease structure automatically.
How to Create a Residential Lease Agreement?
In order to ensure that the residential lease agreement stays valid in a court of law, the agreement needs to be written well. But, creating a residential lease agreement on your own is not really the best option.
However, hiring a lawyer can be expensive as well. Therefore, CocoSign offers you downloadable residential lease agreements that you can use for your needs. There is a wide variety of templates that you can choose from based on what you prefer. Further, every template can be tailored to add any clauses that you find necessary.
Hence, protect yourself to the best by downloading CocoSign’s residential lease agreement templates today. These are created by legal professionals, so you do not have to worry about them holding up in any court of law.
Now you know all there is to know about residential lease agreements and why they are so important for a tenant-landlord relationship. Therefore, if you think you need a residential lease agreement, download the free templates right away.
Residential Lease Agreement FAQs
Is a residential lease agreement the same as a rent agreement?
No, residential lease agreement is quite different from a rent agreement. The major difference between the two is that a rent agreement follows a monthly structure with auto-renewal, whereas there is no such requirement in a residential lease agreement.
Can multiple tenants enter into a lease agreement with a landlord?
Yes, multiple tenants can be listed in a residential lease agreement. In fact, it is a good practice to list every individual living in the building as a tenant so as to ensure that each tenant follows their responsibilities as listed in the contract.
How long can a residential lease agreement last?
The length of a residential lease agreement can vary. It is agreed upon by the tenant and the landlord and entered into the residential lease agreement.
Do I need a lawyer to create a residential lease agreement?
No, there is no need to hire a lawyer as you can download and edit the residential lease agreement template from CocoSign.
Is a residential lease agreement a legally binding contract?
Yes, residential lease contracts are legally binding and valid in court as evidence. This is why they need to be well written and legally valid.
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