A residential property lease is a contract between two parties that promise to allow them to rent or own a house or an apartment for a period of time. In addition, it may also include provisions concerning the right of the tenant to sublet or sub-rent out the property.
Residential property lease is commonly drawn up by lawyers, real estate brokers, and property managers. It usually comes in two forms: a full-fledged agreement, which contain all the terms of the contract, and a written form called a partial agreement. The partial agreement usually includes just the most important part of the entire contract such as the name of the tenant, the period of time they will be allowed to occupy the home or apartment and the rights of the landlord.
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While this means that the full agreement is usually more complex and difficult to draft, a partial agreement is often simpler. It is just that the part of the written form, usually called the lease schedule, is only partially based on the original agreement.
So what’s in a full agreement template? Here are the most important sections of a residential property lease agreement template:
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Legal Descriptions. In order for your agreement to be legally binding, it must contain accurate and precise legal descriptions of what the document covers. This way, the contract can be easily analyzed by a lawyer or a real estate agent.
Landlord’s Responsibilities. This section should contain specific information about what the landlord is responsible for doing. For instance, if the lease agreement specifies that the landlord will give the tenant a copy of the entire contract, it should also indicate when he can submit such documents.
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Payment Schedule. This section should specify the exact dates when the rent is due and how much the tenant should pay every month. Also, it should state the day and date the payment is due.
Residential property lease agreement template can be downloaded from the Internet or can be created using Microsoft Word. If you want to make the necessary changes or additions, you can also do so online.
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However, it is very important to read the content carefully before using a residential property lease agreement template. Make sure that all the terms of the document are written down. Moreover, it is also important to check whether the written document is clear and accurate, because a mistake in one clause of the agreement may be misinterpreted by the landlord or the tenant.
You should avoid using residential property lease agreement template that only has one or two clauses. This is because it may confuse both parties and may not give the necessary information to the landlord.
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On the other hand, you can use a residential property lease agreement template that has multiple clauses to better communicate the requirements between the two parties. It is also more effective because there is more room to make additions or corrections after getting feedback from both parties.
There are many reasons why you need to use a residential property agreement template. However, the main reason is that it helps you clarify your contracts without writing the whole thing down. This makes it easier to review later on.
On the other hand, it is also important that you not use a commercial property lease agreement template. Since it contains many sections, you may confuse them if you try to review the whole document at once. Instead, you may need to read the part that is relevant to your specific contract.
To be able to understand the content of the residential or commercial lease agreement, you should read the entire document through. And pay special attention to the contract section. That relates to the conditions of your lease contract. This way, you will have a better understanding of what is being mentioned in the contract.
If you have questions or concerns about your residential property agreement, it is important to discuss these matters with your legal advisor. He can help you in making changes if necessary.