A lease agreement is a contract between a landlord and a tenant. The lease agreement states that a tenant is entitled to use or live in the owner’s property for a period of time. This contract may be terminated if the property owner wills it. There are many details that you would want to include in a lease agreement so that everything will be clear to both parties. After making a lease agreement, both parties will have to sign it in order for the agreement to push through.
Here are some tips on how to prepare a lease agreement:
- Checklist. Before drawing up a lease agreement, make a checklist of the items and details that you must include in the agreement. This includes all the important dates, the length of the lease, the deposit fees, appliances and furniture included, renewal of the lease and the repair of the property if anything gets broken. These are just some of the few things that may be overlooked. For a more detailed sample, you can check different free lease templates or rental forms online. You can pattern your residential lease agreement or apartment lease and modify some items if you wish.
- Formalities. Consider the lease requirements for the property that are determined by law. The requirements are determined by the location of the property. You can research this online to be able to draw a complete residential lease agreement. Leases that are greater than 1 year have to have a written rental application, letter lease and a lease agreement. This is the requirement stated by the Statute of Frauds.
- Type of Tenancy. There are four types of tenancy. The first one is the fixed-term tenancy. This type of tenancy ends as soon as the fixed term that was agreed upon is over. The term of lease may also end in case an incident happens. The second is the periodic tenancy. This type of tenancy is determined by the payment of the tenant. The payments can be weekly, monthly or annually. The third type is tenancy at will. Tenancy at will states that the tenant or the landlord is capable of terminating the lease anytime. The requirement here is that the one who will terminate the lease must give a reasonable notice to the other party. The fourth is tenancy at sufferance. In this case, the tenant is capable of remaining on the property after the lease is over. The property owner must drive out the tenant from the property.
- Termination of Lease. At any given time, the landlord is capable of terminating the lease if there are certain issues that arise or when the tenant does not abide by the contract that is drawn out.
These are a few things to keep in mind when preparing a lease agreement. You can also consult a lawyer so that you will be able to create a more detailed lease agreement and so that you will be able to know the different laws and requirements for the lease agreement in your location.