Tenant’s Signature. Once the Tenant has reviewed the terms and conditions of this lease he or she will need to sign it then print his or her name. This lease will only go into effect after it is completed and signed by both Parties involved. A simple (1 page) lease agreement is a legally binding form used for renting out residential real estate. The form binds a landlord and one or more tenants for the full length of the lease. Unlike a standard residential lease, the form contains the bare-minimum for being an effective lease, foregoing many of the clauses found in standard leases. Simple vs Standard Lease Overall, both lease-types are used for the same thing: renting out an apartment, home, room, condominium, or other residential property to a tenant. Where they differ is the level of detail of each agreement. A standard lease covers every aspect of the agreement; pets, notices, the landlord’s agent, and many other optional clauses can be found in the form. While these are arguably important for making a sound agreement, they aren’t mandatory in order to make a binding lease. A simple lease, on the other hand, is a one (1) page form that only includes what is necessary to bind the parties into an effective agreement with one another. When two parties have mutual trust in each other and are seeking a fast solution without all the clauses, a simple lease can be used. What’s Included? The following must be included (at a minimum) in order to have a binding lease: The parties – The names of the landlord and tenant(s). The premises – The property and address of the subject being leased. Rent – How much money ($) the tenant has to pay on a regular basis. Term – Detailing when the simple lease expires. Signatures – Ability for all parties to sign in order to be legally binding. Importance of Screening the Tenant Because this agreement is a bare-bones version of a more standard rental agreement, it doesn’t contain the clauses that would normally be included. These clauses are necessary for adding structure to the agreement, which aids in ensuring both parties understand their rights and what they can and cannot do. A potential consequence of having too broad of an agreement is that the tenant can “act out”, and then claim they didn’t see their action as against the rules of the lease. To help offset the risk of an unruly tenant, landlords can make use of rental applications, paid background checks, references, and so on. With a rental application, the landlord can see an overview of how applicants behaved during previous renting experiences. If there are any warning signs, the landlord should make an unemotional decision as to whether the tenant should be permitted to rent or not. Sample Download – Adobe PDF, MS Word (.docx), OpenDocument (.odt) How to Write Download – Adobe PDF, MS Word (.docx), OpenDocument (.odt) Step 1 – Parties The first section is used for establishing who will be bound by the agreement. This includes the date of the agreement, the name and address of the landlord/property manager, and the name(s) of the tenant(s). Step 2 – The Property Address & Type Write the full address of the rental property. If a unit number (#) exists, this should be included as well. Then, check the box corresponding to the type of property. Step 3 – Term Length The “term” is the length of the agreement. Residential leases can be made to have any term, although terms of one (1) year are the most common. To complete, enter both a beginning and end date. Step 4 – Rent ($) Enter the amount ($) of rent the tenant is required to pay on a monthly basis. Then, enter the day of the month that the tenant has to pay the rent by (the common date is the first of the month). The landlord should write a brief set of instructions for how the tenant should go about paying the rent. This can include requiring payment via check, online transfer, or an ACH deposit. Step 5 – Security Deposit A security deposit is a reimbursable deposit made by a tenant that is used to cover any damage caused to the rental during the lease term. Deductions cannot be made to the deposit for fixing normal wear and tear. If the landlord intends to charge a deposit, the first box should be checked. Then, the amount ($) of the deposit should be entered (typically equal to one (1) month of rent) and the landlord should enter the number of days they have to return the deposit to the tenant. If the landlord won’t require a deposit, the lower (second) box should be checked. Step 6 – Signatures To complete the agreement and make it official and binding, the parties will need to 1) sign their names, 2) print their names, and 3) enter the dates in which their signatures were written.
Appears in 3 contracts
Samples: Rental Agreement, Lease Agreement, Rental Agreement
Tenant’s Signature. Once the Tenant has reviewed the terms and conditions of this lease he or she will need to sign it then print his or her name. This lease will only go into effect after it is completed and signed by both Parties involved. A simple (1 page) standard residential lease agreement is a legally binding form the most widely used landlord-tenant contract for renting out residential real estateproperty. The form binds a landlord and one or more tenants for the full length of the lease. Unlike a standard residential lease, the form contains the bare-minimum for being an effective lease, foregoing many of the clauses found in standard leases. Simple vs Standard Lease Overall, both lease-types are used for the same thing: renting out an apartment, home, room, condominium, or other residential property to a tenant. Where they differ is the level of detail of each agreement. A standard lease covers every aspect of the agreement; pets, notices, the landlord’s agent, and many other optional clauses can be found in the form. While these are arguably important for making a sound agreement, they aren’t mandatory in order to make a binding lease. A simple lease, on the other hand, It is a one (1) page form that only includes what is necessary to bind the parties into an effective agreement with one another. When two parties have mutual trust in each other and are seeking fixed arrangement usually lasting for a fast solution without all the clauses, a simple lease can be used. What’s Included? The following must be included (at a minimum) in order to have a binding lease: The parties – The names of the landlord and tenant(s). The premises – The property and address of the subject being leased. Rent – How much money ($) the tenant has to pay on a regular basis. Term – Detailing when the simple lease expires. Signatures – Ability for all parties to sign in order to be legally binding. Importance of Screening the Tenant Because this agreement is a bare-bones version of a more standard rental agreement, it doesn’t contain the clauses that would normally be included. These clauses are necessary for adding structure to the agreement, which aids in ensuring both parties understand their rights and what they can and cannot do. A potential consequence of having too broad of an agreement is that the tenant can “act out”, and then claim they didn’t see their action as against the rules of the lease. To help offset the risk of an unruly tenant, landlords can make use of rental applications, paid background checks, references, and so on. With a rental application, the landlord can see an overview of how applicants behaved during previous renting experiences. If there are any warning signs, the landlord should make an unemotional decision as to whether the tenant should be permitted to rent or not. Sample Download – Adobe PDF, MS Word (.docx), OpenDocument (.odt) How to Write Download – Adobe PDF, MS Word (.docx), OpenDocument (.odt) Step 1 – Parties The first section is used for establishing who will be bound by the agreement. This includes the date of the agreement, the name and address of the landlord/property manager, and the name(s) of the tenant(s). Step 2 – The Property Address & Type Write the full address of the rental property. If a unit number (#) exists, this should be included as well. Then, check the box corresponding to the type of property. Step 3 – Term Length The “term” is the length of the agreement. Residential leases can be made to have any term, although terms period of one (1) year are and both parties shall be bound until the end of its term. The document must follow all State Statutes and contain all disclosures as provided by law. After the form has been agreed to, along with the disclosures attached and the security deposit provided by the tenant, the form is ready to be signed by the parties. Rental Application – Use to verify a tenant’s employment, credit, and background information. A Standard Residential Lease is the most commonbasic and popular type of document used when renting property to an individual, known as a tenant. To completeIt is highly customizable which is very important for landlords and property owners who wish to alter the agreement according to their needs and property type. The 3 main subjects a lease should entail is the term (length of time), enter both a beginning and end date. Step 4 – Rent ($) Enter the amount ($) per month or period, and any type of rent deposit such as a security or pet deposit. The lease guarantees that the rights and responsibilities of both landlord and tenant be ensured, according to the state. Other common names include: “Basic Rental Agreement” “Lease Agreement Template” “Apartment Lease Agreement” “House Lease Agreement” “Simple Rental Agreement” “Renters Agreement” When to Use a Residential Lease A Residential Lease Agreement should be used when leasing any kind of livable property to a tenant which may include a house, apartment, room, condo, mobile home or some other type of habitable property. It’s very important to use a lease to minimize disputes and if ever a problem results in the need for court, such as an eviction, a lease is needed in order for either party to win their case, especially the landlord. What’s included in a Residential Lease? A Standard Residential Lease Agreement may include reasons for breaking the lease that would not find the tenant is required in breach of contract. A tenant may break the lease at any time, however, there are common clauses that do not hold a penalty for breaking the lease, such as: Military or Government associated leave (State and Federal laws have authority over the rules to pay on a monthly basis. Then, enter which the day of the month that the tenant has to pay the rent by (the common date is the first of the monthtermination can occur). The landlord health of the tenant or an immediate family member that requires relocation. Relocation in relation to tenant’s current or new job (Dependent on local state laws). The lease should write be reviewed for early termination clauses that allow for it to be broken with no penalty. If no clauses are found, the tenant may attempt to have legal clauses added to allow for the lease to be broken without penalty. Clauses are provided at the discretion of the landlord, or property management company if acting on the behalf of the best interest of the landlord. Dependent on the reasons for the tenant to break the lease, some states provide options that would not hold the tenant liable even when not stated in the Standard Residential Lease Agreement. How to Negotiate a brief set Residential Lease Negotiating a lease agreement is determined by a multitude of instructions for factors starting with market conditions and how the tenant should go about paying property is priced versus other rentals in the rentarea. The landlord’s goal is to collect as much rent each month as possible while mitigating their risk. If the applicant can represent that they would be a stable tenant, the landlord may give them a discount on the monthly rental amount along with including utilities or services. The following are major factors when negotiating a lease: Employment History – The landlord wants to see a long and stable job history that includes staying at each company for 3-5 years. Any less than that, or long periods of unemployment, will be deemed as high-risk to the landlord. Current Pay Stubs – In order to prove one’s income, the landlord would like to see the applicant’s last 2 weeks’ pay stubs. This can include requiring payment via check, online transfer, be either gathered directly from the employer or an ACH depositthrough a bank statement. Step 5 Past Income – Security Deposit A security deposit is a reimbursable deposit made by a tenant that is used to cover any damage caused to the rental during the lease term. Deductions cannot be made to the deposit for fixing normal wear and tear. If the landlord intends to charge a deposit, the first box should be checked. Then, the amount ($) of the deposit should be entered (typically equal to one (1) month of rent) and the landlord should enter the number of days they have to return the deposit to the tenant. If the landlord won’t require a deposit, the lower (second) box should be checked. Step 6 – Signatures To complete the agreement and make it official and binding, the parties The applicant will need to 1) sign gather their nameslast 2-3 years income tax filings with the Internal Revenue Service (IRS). For employees this would be Form W-4, 2) print for self-employed individuals or independent contractors this would be Form 1099; Rent Pre-Payment – If the applicant can pay rent in advance at the start of the lease, there is a chance the landlord will agree to a lesser monthly amount. Especially if the amount is equal to more than 3 months; Security Deposit – Due to most States establishing a maximum security deposit amount, the tenant may not be able to take advantage of this to the fullest extent; and Landlord History – If the applicant has rented previously in their nameslife, they should gather past landlords and 3) enter property managers contact information as a viable reference. Standard Lease vs Month-to-Month Lease The primary difference is under a Standard Lease Agreement the dates term is fixed and under a Month-to-Month Lease Agreement it may be canceled anytime by the landlord or tenant. Standard Lease Fixed term (start and end dates); Cannot end early; and Cannot change the agreement. Month-to-Month Lease Renews every month (tenancy-at-will); Either party may terminate (in which their signatures were written.accordance with Month-to-Month Termination Laws); and The
Appears in 1 contract
Samples: Lease Agreement
