What is a Rental Lease Agreement?
A rental agreement is a contract between a landlord and a tenant. It can be verbal, but for the most part it is in written form, so there is no dispute later about what is on it. There are short term rental agreements, and long term contracts. A rental agreement is basically an outline of what a landlord expects from their tenants, and once signed, is a legal contract, therefore binding, and if broken for any reason, can be grounds for eviction. There are some basic things that any rental agreement should cover. It should clearly state what the monthly rent is, what day it is due, and what day the late period starts. It should also clearly state what the late fees are that will be charged if the rent isn’t paid on time, and how long the renter has before eviction procedures are started. It should also clearly define what the land lord expects from the tenant. This can include things like not pets, no children, no smoking. It clearly defines what happens if these are lot done, like writ
Related Questions
- Will interns be required to submit a lease/rental agreement to reflect monthly costs or will they just receive a flat per diem rate of 55% (based on the per diem rate of the respective area)?
- WHY DO I HAVE TO PROVIDE A COPY OF A LEASE AGREEMENT OR LANDLORDS RENTAL LETTER ON RESIDENTAL RENTAL PROPERTIES?
- What is the benefit in joint ownership versus lease/rental agreement?
