A residential lease agreement can be defined as a legal contract that is binding for all the involved individuals. It is signed effectively by the landlord of a property as well as a tenant before he/she can rent the property and start living on it on a regular basis. There are a number of key features and guidelines associated with the residential lease agreement. Some of them are discussed below.
- First and foremost, it defines the property that is to be leased through the contract. The complete address of the property along with its unit and identification should be mentioned in the contract so that it is clearly identifiable from other properties.
- The next thing that should be mentioned in the contract is the time frame associated with the lease. It should specifically mention the beginning as well as the ending date associated with the release instead of only the duration. The document should also clearly mention the various conditions associated with the notice period, for instance, the time required to vacate the rental property which can be anywhere between one to two months.
- The contract between the landlord and the tenant can be renewed at the end of the first accounting period. Therefore the contract form should also mention all the clauses and terms associated with such a renewal. This section may also include the change in the rent once the contract has been renewed. Having renewal clauses included in the contract leaves both parties free of doubt as to when such renewals might take place.
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