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Residential Lease

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"I'm glad I had a written lease agreement when that guy broke my rental agreement!." - Josh Billings

  • Establish payment schedule, length of term, and more
  • Provides a form that outlines the terms of the rental
  • Avoids misunderstandings
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Residential Lease Agreement

Unless you own your own home, you are most likely renting or leasing your living space. There are many advantages to leasing and many disadvantages. When you own property, you typically don’t have to worry about any specific rules, such as not being able to paint or knock out walls in the house. You can do basically whatever you want, since you own the property. If you are renting a home or if you have a home that you need to rent to someone else, you might have heard of the term, “Lease agreement”.

Understanding What a Lease Agreement is Used For

A lease or lease agreement is when a person agrees to live in and maintain the upkeep of a property for a certain amount of time. This agreement has all of the rules and payment terms the tenant agrees to,. A tenant signs this agreement before moving in to a new apartment or house. If the tenant fails to comply with this agreement, she may be removed from the property and her lease can be terminated.

When the lease agreement is signed, most landlords require the tenant to place a deposit on the property. This provides security for the landlord. If the property was left intact just the way it was given to the tenant, the deposit must be given back. However, if there are any damages, the money can and will be withheld from the tenant and used to fix the damages.

In most cases, the landlord may require the tenant to provide renter’s insurance before moving in, to protect the value of the property in the case that something may happen, such as a fire or robbery.

Lease Agreements and the Landlord’s Responsibilities

The landlord normally goes over this lease agreement with the tenant before she moves in, and they also are supposed to go through a walk-through of the property as wellto determine if something is already damaged from the previous tenants. By doing this, landlord will know what should be fixed before the tenant moves in and the tenant will not have to pay for that damage at the end of their lease if it is not fixed..