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Residential Lease Agreement

Read it, date it and sign it. That's how simple a good rental or lease agreement should be

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Renting a place to stay, is exciting but it can also be nerve-wracking. Whether you are renting a place as an individual, family or a group of friends there are a lot of boxes to tick before you move-in. A residential lease agreement is perhaps the most important document that lays down the ground rules for renting a place. As any other agreement, a rental lease is a legally binding contract. It lays out the rights and responsibilities of a landlord and tenant when a residential property is being rented. Additionally, it also defines the terms and conditions that govern the usage and upkeep of the property. The agreement can run into multiple pages and often includes information about security deposits, pet rules, utility payments, maintenance and repairs, parking and others depending on the property type. Having a written and agreed upon lease agreement is a necessity, and makes any disputes down the line a lot easier to deal with.

The essential elements of a residential lease:

Property details:

Postal address of the property and kind of property. Is the property an apartment, a house, a condo, a duplex, a room or something else.

Contact information:

Postal address of both the landlord and tenant, along with email and phone number that allow reaching them through multiple medium

Rental terms:

Details of the monthly rent, when it is due. Duration of the lease and security deposit. Plus who is responsible for utility payments and taxes, if any

Code of conduct:

Depending on the property there may be restrictions on housing pets, how long guests are allowed residence, and how the property can be used

Early termination:

There is always a situation that may require an early vacation of the premises, agreeing upon the terms around that is beneficial for both landlord and tenant


Tenants are usually responsible for basic upkeep and insurance, and landlords take ownership of large repairs which should be detailed out

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