If you`re a landlord or property manager, leasing out your property can be a great way to earn an income. However, creating a lease agreement from scratch can be a daunting and time-consuming task. The good news is that there are many common lease agreement templates available online that can help simplify the process.
Here are some of the components that are typically found in a common lease agreement template:
1. The parties involved: This section identifies who the lease is between, including the landlord and tenant(s). It should include the full legal names and addresses of each party.
2. Property description: This section provides a detailed description of the property being leased, including the address, unit number, and any relevant details about the property such as parking spaces, storage units, or amenities.
3. Lease term: This section specifies the length of the lease agreement, including the start and end dates. It may also include information about renewals or extensions.
4. Rent payments: This section outlines the amount of rent due, when it is due, and how it should be paid. It may also include information about late fees, returned check fees, and other penalties.
5. Security deposit: This section outlines the amount of the security deposit required and the conditions under which it will be returned at the end of the lease.
6. Use and occupancy: This section contains information about how the property can be used and any restrictions on the tenant`s activities (such as no smoking or no pets).
7. Repairs and maintenance: This section specifies who is responsible for repairing and maintaining the property, including any required maintenance tasks and the process for reporting repairs.
8. Entry and access: This section outlines when and how the landlord can enter the property, including notice requirements and emergency access.
9. Termination and eviction: This section outlines the conditions under which the lease can be terminated (such as non-payment of rent) and the process for eviction if necessary.
10. Miscellaneous provisions: This section may include additional information such as the governing law, dispute resolution process, or other terms and conditions that are specific to the lease.
When using a common lease agreement template, it is important to carefully review and customize the document to meet the specific needs of your property and tenants. You should also consult with an attorney to ensure that the lease complies with all applicable laws and regulations in your state or locality.
By using a common lease agreement template as a starting point, you can save time and ensure that your lease agreement includes all of the essential elements needed to protect your property and your tenants.