Alternate
Names
A Residential Lease is sometimes called a:
- Tenancy Agreement
- Rental Lease Agreement
- Lease Form
- Rental Contract
What is a Residential Lease?
A Residential Lease agreement is a form that both the tenant(s) and landlord(s) negotiate and sign when the tenant will be renting property from the landlord.
- Rental Lease Agreement
- Lease Form
- Rental Contract
What is a Residential Lease?
A Residential Lease agreement is a form that both the tenant(s) and landlord(s) negotiate and sign when the tenant will be renting property from the landlord.
The Lease includes property, tenant, and landlord details.
The Lease also covers:
- the term or length of the contract (fixed or periodic);
- the amount and frequency of rent;
- whether there can be rent increases;
- if tenants are allowed to smoke, have pets, or a home business
- the amount of security/damage deposit, charges for late
payments,
additional charges (such as utilities);
additional charges (such as utilities);
- the maintenance and insurance obligations;
-
any signing incentives;
- the guest rules;
- an option to purchase;
- An option to renew; and more.
Both the tenant and the landlord should keep a copy of the signed agreement for their records.
What
You Can Use This Lease For
You can use this Rental Contract for any type
of residential property rental, including:
- House
- Apartment
- Condo
- Mobile Home
- Basement Suite
- Duplex
- Townhouse
- Room
- Other living spaces
- Rent-to-own options
Who
Needs a Lease Agreement?
When entering into any type of residential
rental circumstance you should ensure that you have a valid contract to outline
your rights and responsibilities as a landlord or a tenant. People who may find
this form useful are:
- Homeowners looking for tenants
- Tenants looking for a home to rent
- Landlords, property managers, and tenant placement services
- Individuals renting residential property to family and/or
friends
- Tenants or landlords looking to rent a property with the option
to buy
Rent-to-Own/Option
to Purchase
A common form of a rent-to-own agreement is a
rental contract with an option to purchase or option to buy. An option to
purchase gives the tenant the option to buy the home for a certain price within
a certain period of time.
This form of agreement is used where a
landlord wishes to sell a home but the potential tenant either has a negative credit
rating or can't save a large enough deposit for a lender-based mortgage.
The tenant(s) pay a non-refundable option fee
and in return the landlord provides the renter an option to purchase the home
at a predetermined price. If the tenant decides not to purchase the property,
the landlord keeps the option fee or deposit.
Forms
Related to a Residential Lease:
- Residential Sublease Agreement
Used by a tenant to sublease a residential property to a new tenant before the current tenant's lease has expired.
Used by a tenant to sublease a residential property to a new tenant before the current tenant's lease has expired.
- Eviction and Lease Notices
Forms for both landlords and tenants such as Eviction Notice, Notice of Lease Violation, Notice to Increase Rent, Notice of Termination, Demand for Compliance or Possession, Notice to Pay Rent, Notice to Repair, and Notice of Intent to Vacate.
Forms for both landlords and tenants such as Eviction Notice, Notice of Lease Violation, Notice to Increase Rent, Notice of Termination, Demand for Compliance or Possession, Notice to Pay Rent, Notice to Repair, and Notice of Intent to Vacate.
