Standard lease agreements are commonly used to formalise the renting of a property between the tenant and the landlord. Yet, people are often confused about whether or not they need a standard lease agreement and how to create one.
This is why CocoSign offers attorney-drafted downloadable standard lease agreement templates. These templates will meet the requirements of a landlord and a tenant as they are customizable to include any clauses that either party wishes to add.
Read below to find out more about standard lease agreements and to download standard lease agreement templates.
What is a Standard Lease Agreement?
A standard lease agreement is a contract that outlines the general terms under which a landlord is renting a property to a renter. It clearly defines the obligations of a renter towards a landlord and of the landlord towards the renter.
Standard lease agreements are legally binding documents that either party can hold as evidence in any court of law. For this purpose, standard lease agreements should be well-written and abide by the governing laws of the State in which the property is present.
What is Included in a Standard Lease Agreement?
The components of a standard lease agreement protect the interests of the landlord and the renter. Most components of a standard lease agreement are modifiable upon agreement of both the parties involved in it.
Yet, most standard lease agreements follow the same basic structure, with the following components included:
Identification of Parties
The standard lease agreement shall state the name of the landlord and the tenant. In case of multiple tenants, each tenant should be listed.
Property Location and Description
The property that is the subject of the standard lease agreement shall have its address listed. If the property owner is renting a sub part of the property, (such as a floor or a room), the standard lease agreement should state so.
Terms and Limits of Occupancy
Standard lease agreement should contain the start date and end date of the lease. The lease term can vary depending on the needs of the parties. Some people prefer a month-to-month lease and some opt for the annual lease option.
The omission of the early termination clause often leads to future conflicts between a tenant and the landlord. An early termination clause avoids this crisis by stating the scenario in which either party wishes to end the lease.
In case of a month to month lease agreement, there are no penalties in early termination. The party which is terminating the lease needs to provide the appropriate notice period.
The standard lease agreement shall clearly state the rent that the renter needs to pay, along with any utility fee. The date on which the rent is due shall be included as well. This eliminates any possible confusion about when the rent is due.
The standard lease agreement should also mention the utilities for which the renter is responsible and those for which the landlord is responsible.
Security deposits are refundable monetary deposits that the renter pays at the beginning of the lease. The lease agreement should state the security deposit (if any) in its exact value. The lease agreement can include the condition in which the property needs to be when the renter vacates it.
This can ensure that the renter is getting the security deposit back.
Maintenance and Repairs
The standard lease agreement should mention which party will provide the maintenance and repairs to the property. It may also include the alterations that the renter can make in the property (such as painting the walls).
There can be other optional clauses in the standard lease agreement that both parties agree upon. These clauses include pet policies, landlord’s access to the property, any local housing restrictions, etc. Adding these is solely based on the requirements of either party.
How to Cancel a Standard Lease Agreement?
In order to cancel a standard lease agreement, the proper procedure as listed in the termination policy of the agreement should be followed.
Month to month standard lease agreements have early termination options after providing the appropriate notice period as per the lease agreement.
It is important to keep in mind that the notice period should exceed the minimum notice period requirement of the laws of the State in which the property is located.
Canceling fixed-term lease agreements, which usually last for longer-term than month-to-month lease agreements, can evoke a cancellation penalty. However, the penalties for canceling these lease agreements should be stated in the agreement itself.
Difference between a Standard and Month-to-Month Lease
Standard lease agreements, at times, refer to fixed-term lease agreements, differentiating them from a month-to-month lease agreement.
The main difference between the two is the lease period. Month to month lease agreements are on a per month basis. The agreement goes to auto-renewal after every month. Furthermore, the month-to-month lease agreements provide either party with a cancellation option, after giving the appropriate notice period.
However, standard lease agreements are not automatically renewable in nature. They define a fixed term for the lease, after which the lease can be renewed with the same or modified terms as agreed by both parties.
While the standard lease agreement also contains a notice period for eviction, early cancellation of such agreements can lead to penalties if they are mentioned in the agreement itself.
Another important difference between these two agreements is that the landlord is free to adjust the rent in a month-to-month lease agreement. However, a notice period is applicable for the rent increase as well.
In standard lease agreements, increasing the rent during the lease term is not possible, unless the standard lease agreement clearly defines this procedure.
Standard lease agreements are not hard to create. However, to make them valid legally, they need to be well-written. This is why people use standard lease agreement templates to create these agreements.
You can download and edit a standard lease agreement template at CocoSign. CocoSign offers attorney-created legal templates for any and all agreement needs that you might face.
Browse through the standard lease agreement template at CocoSign and download it right away!
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