What is Residential Lease?
A lease is a contract a landlord and tenant sign when a tenant wants to rent commercial or residential property. A Residential Lease Agreement is a lease agreement that is specific to residential rental properties and is used to outline the terms and conditions of a tenancy, including the rights and obligations of the landlord and tenant. It can be used for various types of residential properties, including apartments, houses, condos, duplexes, townhouses, and more.
What are included in a Residential Lease Agreement?
Landlords using LawDepot's Residential Lease have the option of using a standard or comprehensive agreement. Standard rental leases generally include: - Contact information for the landlord and tenant - Property details (address, square footage, amenities, etc.) - Lease specifics (the type of lease, length of the term, etc.) - Rent payment details (the amount due, payment frequency, charges for late payments, etc.) and other payment information (such as details about a security deposit) - Rental rights and obligations for the landlord and tenant - Other details such as dispute resolution methods (mediation, arbitration, or both), if there are any signing incentives for the tenant, and whether there is an option to purchase (sometimes called a rent-to-own) and/or an option to renew the lease