What is a Property Lease Agreement?

A property lease agreement is a document that has the concord of a landlord or the lessor and the tenant or the lessee for the rental of a residential or commercial property. The document outlines the terms that they have in the agreement. This agreement is also called a rental agreement. It comes in apartment leases or lease forms. The terms of the agreement are negotiable by both parties. Before they can draft provisions for the agreement, the landlord and tenant make sure that they agree first on common terms. That is how they can protect the agreement. If they are aware of all the terms, then there can be no reason for a dispute.

An effective property lease agreement should be made. Both parties should ensure that they will be thorough in creating the agreement. The provisions should protect both parties. Because it is a legally binding document, both parties should be sure of all the terms that they are going to include in the agreement. The property lease agreement can be a one-page document. Or it can be longer than five pages. It will depend on both parties on the number of terms that they want to include in the contract. But basically, it should cover the basic terms of tenancy. The agreement should be clear and comprehensive. It should be fool-proof to avoid any disputes that may happen in the future.

Some examples of a property lease agreement are rental property lease agreement, commercial property lease agreement, personal property lease agreement, standard property lease agreement, and city property lease agreement. The agreement should have the best property lease agreement format to ensure that you have a good agreement ahead of you. Be sure to use the best font for the contract. Use a good structure so that your agreement will have good readability. Remember that it is a legal contract. So, you have to be careful in constructing it.

Before you should fill up a property lease agreement form, be sure that you are content with all the terms in it. If not, you should negotiate first with the landlord or tenant to ensure that you can have the right agreement ahead of you. You must avoid breach at all costs. So, you have to ascertain that you completely agree with all the terms of the agreement. Remember that you will have the agreement for months or years. You are obliged to follow whatever is written in it. So, be sure that you are aware of the things that you need to follow. Be sure that you can comply with all the terms of the agreement.

Types of Property Lease Agreement

All properties can have a lease which includes cars and boats. However, residential properties have many kinds depending on the agreement that both parties will want. Read the following and know some of the types of a property lease agreement:

Commercial Lease: A commercial lease gives a right to a tenant to a commercial property. It is a binding contract between a landlord and a tenant which has the terms for the agreement. Sometimes, commercial real estate brokers negotiate on behalf of the landlords. In the commercial lease, you must use the property to operate a business. The property is not meant for residential purposes.Condominium Lease: This is an agreement for residential properties that have building amenities. It can be a sublease or a direct lease that is entered by a Condominium owner and a tenant.Family Member Lease: A family member lease is an agreement between people related by blood to pay rent while living in the same house. It outlines the rights and responsibilities of both parties while living together. If the family member who is the tenant will violate the agreement, the landlord will have the right to give an eviction notice to that family member.Hunting Lease: A hunting lease is a contract where the landlord will give the right to use his or her property for hunting purposes.Lease-to-Own Lease: The agreement gives an opportunity for the tenant to buy the property from the landlord. After leasing the property for some time, the tenant can have ownership of the property.Month-to-Month Lease: This is a kind of short-term lease agreement. The tenant has to pay the rent month after month as long as the tenant wants to rent the property.Parking Space Lease: This document is used when an individual wants to rent the parking space of a landlord. The tenant will park the vehicle on the private property.Standard Lease: This is the type of agreement that is used for single-family homes and other residential properties. It gives a fixed-term contract between a tenant and a landlord.Sublet Lease: The sublet lease is an agreement between a current tenant and a new tenant. This is where you can add a new renter for the lease.Short-Term Lease: A short-term lease is an agreement with a duration of six months or less. One of the common types of this is a month-to-month lease. Short-term leases can be weekly leases or any random duration that can be agreed upon by the tenant and the landlord.Weekly Lease: This is the type of lease that can be good for a week or more. This is often used on vacation properties where tenants can have a short-term rental agreement.

Elements of a Property Lease Agreement

Have you seen a commercial property lease agreement template? Have you been wondering about its essential elements? Maybe you know that before you can write a property lease agreement, you should know what are the things that you need to include in it. Today, you will know some of the elements of a property lease agreement. They are the following:

Identification of Parties: This is the section where you have to include the name of the landlord and the tenant. You should also include their contact information. Include their contact number, email address, and home or business address.Property Details: You have to describe the property that will be rented. Include its address, square footage, and amenities. You need to identify the property in the agreement.Lease Specifics: You should write the type of the lease. Be definite about the terms. You should write when the agreement should end.Rent Price: This is where you should write the amount of the rent that the tenant needs to pay you. Be clear in writing the rent price. You should also write when the tenant should pay the rent or the due date for the rent price.Right and Duties: The terms for rights and obligations should be explicitly explained in the agreement. Both parties should know what to do to maintain their responsibilities. Both should know how they can protect their rights. The terms for rights and obligations may include giving of entries and notices.Dispute Resolution: Both parties should know how to settle disputes. So, a dispute resolution is needed so that both parties will know what to do to prevent disputes from happening. You should build a good relationship with your tenant or landlord. So, to be able to do this, you must not have any disputes with them.Deposit and Fees: You should have the terms for the security deposit or other fees. You may want to secure a security deposit that can ensure that you will have something in the chances of damage. You should have additional fees like penalties for late payment if the tenant cannot pay on time. Through this, the landlord can protect his or her right to the property.Limit for Occupancy: There should be an occupancy limit that can limit the tenants for having so many people living on the property. There should be a specific number of people that can be allowed on the property.Restrictions: Landlords can have restrictions that they can implement for their property. They can prohibit loud music or any revelry that can destroy the peace on the property. It is up to the landlords to provide the things that they want to prohibit. Then it will also be up to the tenants to accept the restrictions.Pets: Things about pets should be written in the agreement. Landlords should make clear if pets can be allowed on the property or not. They should put in terms about having pets.Maintenance and Repairs: As time goes by, damages can happen to the property. So, both parties should have terms on who is going to make the maintenance and repairs. Maintenance and repairs can be costly so both parties should agree on common terms about them.Utilities: The terms about utilities should be included in the contract. Will the tenants have to pay for their electricity, gas, or water? If the rent includes utilities, it should be written in the agreement.

Tips on Property Lease Agreement

Are you looking for a property lease agreement sample? Do you want to have some tips that you can use in a property lease agreement? Well, we have got you covered. We can provide you with some tips that you can use. Have the following tips:

Know the Law: Know the law so that you can create the right provisions for your agreement. If ever you want to have something for the agreement, be sure that this can comply with all the necessary laws of your state. You cannot write an agreement that will not be according to the right laws. You must ensure that all your requests will be according to the law. By knowing the law, you can have the right agreement ahead of you.Make a Clear Document: You have to know that your document should be clear. Nothing should be vague about the agreement. Remember, it is a legal document. So, everything should be clear. To do this, have a clear negotiation with the other party. After that, draft the agreement together. That is one way you can ensure that you will have the terms that you want for the agreement. Make every section of the agreement clear. Be definite when stating things. Make sure that all the provisions will be definite and accurate.Customize Your Agreement: Using templates is good. But customizing your agreement will be a lot better. You can be sure that you will have definite terms for your agreement. You can be assured that all the terms will be specialized. Customize your agreement to make it better. Your agreement can become personalized which can serve both of you better.Add Necessary Clauses: You must add the necessary clauses in your agreement. This will make the governing law in your agreement specific. Clauses are important so you must be sure that you will have the right provisions. Be sure that every clause conforms to the right laws in your state.Update Your Lease Often: You must ensure that your lease agreement will not last for a very long time. You need to update it. This is to update the agreement with all the terms that you may want to have in the future. Updating the document is very important if you want to have the perfect agreement for your business.

How to Write a Property Lease Agreement

Do you need a property lease agreement template? Are you going to write a property lease agreement? Maybe you need some steps that you can use in writing. Well, we can offer you some steps that you can use. They are the following:

1. Make an Outline

The first thing that you have to do when you are drafting an agreement is to have an outline. Outline the things that you need to write in the agreement. Ponder about every part of the agreement. Know the things that you have to write in each section.

2. Know the Provisions

After that, you should start writing the provisions for each section. Make sure that you can include the necessary clauses in each provision. Remember to make everything right. All the clauses should be according to the law of your state.

3. Consult a Lawyer

To be sure that you will have perfect provisions for your agreement, you should hire a lawyer. Consult an attorney to know if your agreement is according to the governing laws. A lawyer can help you so that you will have the right agreement.

4. Choose the Best Format

Have the best structure for your agreement. Use the best format for it. You can refer to templates to have an idea about a good format of the agreement. Many templates on the internet can guide you. Choose the best format that can make your agreement look good.

FAQs

What is the difference between a lease agreement from a rental agreement?

Lease agreements are long-term contracts. Usually, they have a duration of more than 30 days. Rental agreements are short-term contracts. They have a duration of under 30 days.

What are the lease agreement laws that are included in a property lease agreement?

The laws that are included in a property lease agreement are the laws in general landlord and tenant rights, laws in security deposits, laws in landlord’s access to the property, laws in late rent payments, and laws in lease agreement violation.

When you are having a tenancy, it is important to have a property lease agreement. You can protect your rights by having an agreement. You can also be sure that you will have a good relationship with your landlord. Well, do you need a template for a property lease agreement? This post has 6+ SAMPLE Property Lease Agreement in PDF | MS Word. Drafting a great agreement will be easy for you by using these templates. Besides, they are downloadable and free. Download now!