Who needs a Residential Lease Agreement?
Residential Lease Agreement is necessary in two cases: a person (an owner of some real property) is willing to lease it, or the opposite a person wants to rent out the real estate from its owner. There is also a high chance that signing up the Agreement is initiated and approved of by both parties.
What is Residential Lease Agreement for?
A Residential Lease Agreement is the evidence of the landlord-tenant relationship established, the warranty of the provisions to be followed. It also serves as a promise of the landlord and the tenant to carry out the obligations and to respect each other’s rights.
Is Residential Lease Agreement accompanied by other forms?
Either party has the right to ask for some supporting documentation concerning the case, for instance, the landlord may ask about the tenant’s rent history or credit rating; however, neither is obligated to provide the requested documentation.
When is Residential Lease Agreement due?
The agreement should be signed before the tenant moves in, and generally, it is valid for 12 months, if other is not specified.
How do I fill out Residential Lease Agreement?
To be legally valid, the agreement must communicate the following:
- the names of the landlord and tenant(s)
- the terms of the tenancy
- the financial terms (amount of rent, its due date, safety deposit, etc.)
- tenant’s rights and rules
- landlord’s rights and obligations
- other provisions
- signatures of the both parties
Where do I send Residential Lease Agreement?
The signed copy of Residential Lease Agreement should be kept by both, the landlord and the tenant, until its end date.