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We also offer a simple guide to creating a standard lease agreement to help you get a better understanding. And feel free to use one of our lease agreement templates to create your contract immediately in just a few minutes.
Table of Contents
What is a lease agreement?
A rental or lease agreement is known as a legal contract between the owners of a real estate named the “landlord” or “lessor” who rents a property to the “tenant” or “lessee” in exchange for monthly payments.
The main reason for this document is to use it for the occupation of space (either commercial or residential). The tenant and landlord will negotiate the terms and conditions of the contract to reach a mutual agreement. Once signed, the form is considered legally and mutually binding.
Note: As a standard requirement, the renter usually pays 1st month’s rent and a security deposit at the signing of the contract.
Before selecting the document form for your use, you may want to know the difference between a rental and a lease contract? Are you renting your home, or are you leasing it?
What is the Different Between Lease and Rent?
The critical difference between a lease and rent is their length of time. First of all, let’s check the meaning of both as below:
What Does Rent Mean?
Renting agreement is a form that refers to the short-term arrangement (usually 30 days) of one party residing or using a piece of property owned by another party, like a house or apartment.
For instance, if you are self-employed or a remote worker, would you like to experience living in different cities or countries for a short time? Then you may want to opt for a month-to-month rental agreement when moving in because it’s more flexible.
Please remember that the landlord has the right to change the rental agreement terms while renting, depending on the situation. Additionally, a standard rental agreement is legitimate monthly.
Then, What Does Lease Mean?
A lease agreement covers a more extended period known as the “term.” Regarding real estate, a lease term can last one year and will not automatically extend past the term’s overdue. This legal contract requires a lease renewal to draw up to continue using the property.
In some cases, the lessor agrees to include a clause allowing the renter to continue a month-to-month rental tenancy agreement after the lease term ends.
The lessor can use the lease to cover all types of property, such as:
- Commercial Real Estate
- Tools or Equipment
Remember that both the tenant and the property owner can not amend the terms of a lease agreement and must follow the contract once signed.
However, there are exceptions; modifying a lease agreement is possible only when both parties agree upon the modifications for the changes to be valid.
The Common Leasing Process and Steps To Do
We summarize and provide simple guideline steps for you to follow:
1. Make an appointment: Schedule a convenient time for the tenant’s visit. The renter will usually view the space and discuss the offer with the landlord or real estate agent.
2. Make a Rental application: Once the offer is accepted, the landlord will ask the tenant to complete the Rental Application and pay a small fee (to cover the cost of running a background check and showing the property).
3. Run a background check: The landlord should run a background check of the tenant’s credit, background, and criminal history.
If the tenant(s) meet the landlord’s qualifications, a lease should be drafted by the landlord for review before signing. Both parties should meet to discuss the specific terms and conditions of the lease, mainly consisting of the following:
- Fee(s) – In reference to parking, trash,…
- Monthly Rent Amount ($) – the agreed amount from both sides.
- Start Date – The day the tenant will move into the property.
- Security Deposit – This is determined by the landlord but cannot be more than the maximum ($) State requirement.
- Term – Monthly, yearly.
- Utilities – Electricity, water/sewer, heating, you named it.
- Conditions – 🔗sublet, late payment penalty, and so on.
5. Executing the lease: the landlord will give the access key, and the renter must make the first rent payment and deposit in exchange.
6. Taking occupancy: We recommend using the 🔗 Move-in Inspection Checklist to write down damage and ensure your landlord signs the checklist from the first day of moving.
7. End of the lease: When the contract ends, the landlord can extend the lease by providing 🔗 The Renewal Letter to the leaseholder. If either the owner or the tenant decides not to renew, they must also send a 🔗 Non-renewal Letter to inform.
💡 HighlightIf you want to sublease your rental unit in the future, we recommend checking your lease agreement carefully to see if it allows you to do so or not before signing. To avoid any troubles, reach an agreement with your landlords and state it on the contract to sublet legally.