What is a Lease Agreement Form?
A Lease Agreement is a written outline of terms and conditions on which a property is being rented out. It is agreed to and signed by both the parties involved- the landlord, whose property is being rented, and the tenant, who is willing to occupy the property for a fixed rent. It is a legal document that binds both parties involved in the contract. Typically, the property is rented out for a certain duration and for a fixed rent by the landlord, the details of which are entailed in the agreement.
The agreement is signed between the tenant and the landlord and the lease on the property is initiated on the terms and conditions mentioned in the lease agreement.
Information required on a Lease Agreement Form
As a legal document, the lease agreement requires the personal details of both the parties involved. The property details like address, rent, security deposit, and so on are also specified that bind and hold the tenant and the landlord accountable.
- Name and Contact Information of the Landlord
- Name and Contact Information of the Tenant
- Property Address
- Type of Lease
- Duration of the Lease (typically 12 months)
- Rent Amount
- Mode and Duration of Rent Payment
- Security Deposit Utility and Maintenance
- Payment Additional
- Rent for Parking, Pets, and so on
- Prohibited Activities on the Property
- Terms and Fees if the Lease is Terminated Before the Agreed Duration
- Damage and Renovation Terms
- Renewal Terms
The Lease Agreement is a vast document covering a variety of terms. These are just a few details that will be needed in the agreement.
How to Fill Out a Lease Agreement Form
A Lease Agreement Form can be filled online as well as offline based on the discussion between the landlord and the tenant. Since digitally filled documents and e-signatures are legally permissible, an online lease agreement can be very convenient.
- The first page of the agreement shall have the name, registered address, and contact details of the landlord. Adjacent to it will be the name, registered address, and contact details of the tenant.
- Below this, details such as the rental property’s address, date of start and end of the lease, rent amount, rent payment period, late fees (if any), mode of payment, security deposit amount, and the person responsible for rent collection must be mentioned.
- On the next page of the agreement, the date of execution of the agreement and the parties’ names shall be mentioned.
- There are certain sections of the agreement that will have to be filled in with relevant details. Starting with the address and location of the property.
- Moving on, the agreement duration will be mentioned.
- After which the agreement will specify the rent amount, the security deposit, rent payment period, late charges, and so on.
- If there are any utility or maintenance charges attached to the property, the lease agreement will specify its payment details that have to be followed by both parties.
- If there are special conditions related to parking or keeping pets on the premises, they will have to be mentioned by the landlord and agreed to by the tenant.
- To maintain peace and harmony in the neighborhood, the landlord can specify certain terms in the agreement that the tenant will have to follow with regard to conducting gatherings or any activity that might affect the neighbors.
- The majority of the lease agreements do not allow subletting of the property. Therefore, it is mentioned in the lease agreement.
- The agreement mentions consequences if there is a failure in taking or giving possession on time by the tenant or the landlord, respectively.
- The landlord can add to the lease agreement any special rules that need to be followed by the tenant in this property.
- The tenant will make sure that they have inspected the property before moving in. If they have found any issues in the premises, they shall mention them in the agreement.
- If at any time during their tenancy, the tenant wishes to repair or renovate the premises, they will need to seek permission from the landlord for the same.
- The agreement shall also contain a clause that will mention the place and time of entry for the landlord and their agent in case they need the property for inspection, repairs, or renovations.
- The tenant and landlord shall also discuss and mention in the agreement the terms of the tenant is absent from the property for a certain duration or abandons the property.
- Other clauses will include terms regarding insurance, smoke detectors, painting, water-based furniture, and such.
- Lastly, the agreement will mention the law and act that will govern this agreement.
- Both the parties will read and sign the document in agreement with the terms and the clauses.
What is the Lease Agreement Form Used for?
A Lease Agreement, as the name suggests, is used to set and agree on terms and conditions on which the property will be rented. It legally binds the landlord and the tenant to safeguard them from any misconduct by either party. Since both the parties have a signed copy of the agreement, none of them can add, remove or alter any clause without the written approval of the other party.
A Lease Agreement is a legal document and it should always have the correct information on it. Therefore, cautiousness while filling it out is advised.
