A Lease or Rent Agreement, also known as a Rental Agreement or Tenancy Agreement, is a legally binding contract between a landlord (property owner) and a tenant (person or entity renting the property). It establishes the terms and conditions of the rental arrangement.
Rent Agreements fall under the purview of landlord-tenant laws, such as the Rent Control Act (if applicable) and local rent regulations. These laws provide protections for both landlords and tenants and govern aspects like rent increase, eviction process, and tenant rights.
The agreement identifies the landlord and the tenant, including their names, addresses, and contact details. It may also include additional occupants or guarantors if applicable.
The agreement describes the property being rented, including its address, unit number (if applicable), and any specific details about the premises.
The agreement specifies the duration of the lease or rent, whether it is for a fixed term (e.g., one year) or on a month-to-month basis. It also mentions the start date and end date, or the terms for renewal or termination.
The agreement outlines the amount of rent to be paid, the frequency of payments (monthly, quarterly, etc.), and the due dates. It may also include provisions for late payment, methods of payment, and any additional charges or fees.
Many lease or rent agreements require the tenant to provide a security deposit, which is a refundable amount held by the landlord as security against damages or unpaid rent.
The agreement specifies the rights and responsibilities of both the landlord and the tenant. This includes matters such as maintenance and repairs, utilities, property use restrictions, pet policies, and any other agreed-upon terms.
The agreement outlines the conditions under which the lease or rent can be terminated, such as non-payment of rent, violation of terms, or expiration of the agreed-upon term.
