Residential Lease Agreement
Whenever it comes to leasing out a piece of property, there has to be a lot of trust involved between both parties. After all, someone will be living there for an extended period of time, and not vetting your options well as a landlord could end you up in a tough position and potentially even in terms of finances.
This is why residential lease agreementsare so detailed and so much work goes into putting them together, as the agreement between landlord and the lessor needs to be established firmly.
Over the course of this guide, we’ll explore the details that you should know about a residential lease agreement and how they tend to differ from rental leases.
What is a Residential Lease Agreement?
Residential lease agreements are the most common form of leases that are signed by people who intend to live on a property for an extended period of time. Most renters opt for these kinds of leases because they last an extended period of time, usually between six months and one year.
Compare this to rental lease agreements, which are sometimes known as short-term rentals. These leases are usually renewed on a monthly basis and are used for vacation rentals and other short-term stays where the lessor doesn’t intend to live on the property for a long time.
Whereas there typically isn’t much of an expectation of a renewal at the end of a short-term vacation rental, the opposite is true of residential lease agreements. In most cases, people renew their residential leases because they already have their furniture and belongings moved into the home.
It also makes sense not to uproot a family once they’ve gotten used to living in a specific place, so residential lease agreements tend to be renewed. This also makes things easier on the landlord since they don’t have to find another tenant to inhabit their property, which creates a pretty significant risk for them.
What Info is Contained in a Residential Lease Agreement?
There are a few key points and details that need to be included in a residential lease agreement, and they don’t differ too dramatically from what you’ll find in a rental agreement. For example, the first thing that needs to be included is the address of the property that the lease is being taken out for.
The lease agreement will also specify how frequently the rent needs to be paid (monthly, bi-monthly, etc.) as well as how much the tenant is paying for rent. Additional fees that need to be paid for the property will also be outlined on the lease, such as trash removal fees, parking fees, cleaning services, and more.
Less concrete info can also be included on the lease, such as any special requests that the lessor or the landlord have for one another. Keep in mind that a lease is a legally binding document, and breaking it can either incur a monetary penalty on either side or potentially even a civil suit.
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