Free Standard Residential Lease Agreement Template
A residential lease agreement (or “rental agreement”) is a written document between a landlord and tenant. Landlords and tenants can use a Residential Lease Agreement for various types of residential properties, including apartments, houses, condos, duplexes, townhouses, and more.The contract must include specific details such as the monthly rent and the responsibilities of each party.
It is important to note that whenever you are signing a residential lease agreement as a Tenant, you should always conduct a thorough Joint Inspection of the property premises in presents of the Landlord, and make a note of every object and fitting that is provided by the Landlord along with its condition. A Joint Inspection Report must be attached to every Residential Rental Agreement to ensure there are no issues or claims later.
Residential Lease Agreement Basics
Standard residential leases should contain the following elements:
- Premises. The space to be rented.
- Landlord. The owner of the premise or lessor.
- Tenant. The renter who wants to live in the premises or lessee.
- Term. The length of time the tenant will stay at the premises.
- Rent. The amount of money paid by the tenant.
When Does a Residential Lease Become Effective?
A standard lease becomes effective after it has been signed and accepted by both landlord and tenant. At the time of signing, the tenant may be required to hand-over payment for the security deposit, first (1st) month’s rent, and any proration costs. The landlord will be responsible for giving the tenant access to the premises at the lease start date.
Who needs a Residential Lease Agreement?
Various individuals or organizations may find this document useful, such as:
- 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 an option to purchase
Renting Without a Lease Agreement
Renting a property without clearly written rules and expectations of the tenancy is an invitation for trouble. The landlord-tenant relationship can be complicated—with so many federal, state and local laws that govern residential property rentals makes it that much more complex. By writing a lease or rental agreement, all of the details of your tenancy will be recorded and legally binding—and as a result (if written in detail) can reduce unintentional lease violations by either the landlord or the tenant.
Some landlords don’t use written leases—they prefer to have a verbal agreement with their tenants. While verbal agreements can be legally binding, they can be difficult to prove to a judge. By signing a written rental agreement or lease your arrangement becomes legally binding and you have proof of your agreement. Here are a few more reasons why using a written lease is important:
- Complies with state and local law. Many state and local laws require written rental arrangements for tenancies that last longer than a year. Also, some state and local landlord-tenant laws require landlords to make disclosures or impose duties relating to tenancies.
- It helps you avoid disputes. With no clear written agreement, every conflict has the potential to escalate into a legal battle.
- Ensures your rights to security deposits. Without a written agreement, landlords run the risk of not being able to collect or use a security deposit for unpaid rent or damages.