What is Residential Rental Agreement?
A Residential Rental Agreement, also known as a lease agreement or rental contract, is a legally binding document that outlines the terms and conditions between a landlord and a tenant for renting a residential property. It serves as a formal agreement that defines the rights and responsibilities of both parties.
What are the types of Residential Rental Agreement?
There are various types of Residential Rental Agreements available, each catering to specific rental situations. Some common types include:
Fixed-Term Lease Agreement: This type of agreement specifies a fixed period during which the tenant will occupy the property, typically for a year or more.
Month-to-Month Rental Agreement: In this agreement, the tenancy continues on a month-to-month basis and can be terminated by either the landlord or the tenant with proper notice.
Sublease Agreement: A sublease agreement allows a tenant to rent out a portion or all of the rented property to a subtenant while still being responsible for the original lease.
Room Rental Agreement: This agreement applies when a tenant rents a room within a property that is shared with other tenants.
Lease Agreement with Option to Purchase: This unique agreement includes an option for the tenant to purchase the property at a later date.
Commercial Lease Agreement: For rental purposes involving commercial properties, this type of agreement is used.
How to complete Residential Rental Agreement
Completing a Residential Rental Agreement can be a straightforward process if you follow these steps:
01
Fill in the basic information of the landlord and tenant, including their names, addresses, and contact details.
02
Specify the details of the rented property, such as the address and description.
03
Include the lease term, start date, and end date of the rental agreement.
04
Outline the rental payments, including the amount, due date, and preferred method of payment.
05
Describe any additional terms and conditions, such as rules for pets, maintenance responsibilities, and utilities.
06
Have both parties review and sign the agreement to make it legally binding.
07
Keep a copy of the signed agreement for future reference.
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