What is a residential lease?
A residential lease is a document you will normally enter into should you elect to rent a property. The document may be prepared by the lessor (sometimes called the landlord) or the lessor’s agent. In the ACT the residential lease is normally a standard form document which must contain certain provisions as set out in the residential tenancies legislation. If any of those provisions are to be varied, special permission needs to be obtained from the Residential Tenancies Tribunal. • What happens when I have signed a lease but wish to terminate it? As a general rule you cannot terminate a lease without a good ground. If you wish to vacate the premises, you are normally required to give the lessor a period of notice as determined by the legislation. That period varies depending upon whether your lease is current or has become periodic. A periodic lease is normally a month to month lease at the end of the original lease term. The law in this area is relatively complex and the outcome will
A residential lease is a legally binding contract made between a landlord and tenant. The lease gives a tenant the right to exclusive use and enjoyment of the described residential property in exchange for money paid to the landlord. Additionally, the lease outlines the rights and responsibilities of both the landlord and tenant during the lease term. LawDepot provides a written Residential Lease Agreement.
