Limited Offer
Lease Agreement Online

Create a Lease Agreement Online Instantly!

A lease agreement is a contract between a landlord and a tenant that specifies how much rent will be paid monthly and for how long.

Generate Now

What is a Lease Agreement?

Lease agreements, like many contracts, can be intimidating to some people since the legal terminology in the contract might be difficult to understand. 

However, having a basic grasp of what is contained in a lease agreement can help you prevent unwanted conflicts or expenditures during or after your lease ends.

The agreement does not grant the lessee ownership rights. The lessor, on the other hand, may allow the lessee authorization to modify or adapt the property to suit his purposes. The lessee is responsible for the property’s condition during the lease duration.

Lease agreements are commonly used to lease real estate, automobiles, home appliances, construction equipment, and other commodities.

Terms commonly included in a lease agreement

Following are the contents which are usually included in the lease agreements:

  • The names of the lessor and lessee or their representatives
  • The property’s description.
  • Methods for terminating the agreement before the expiration date, as well as any costs.
  • Amenities and facilities on the site that the lessee has access to, such as a swimming pool, laundry facilities, or security systems.
  • Pet rules, noise rules, and penalties for violations are examples of rules and regulations.
  • Identification of available parking, including reserved parking places, if available.
  • Tenant repair requests are handled, as well as emergency protocols.

Factors that Mandotary in Lease Agreement

  • Duration: The length of time the leasing agreement will be in force.
  • Rent: The compensation or payment provided to the lessor by the lessee in exchange for the leased property.
  • Deposits: The necessary deposit amount (if any), the purpose of each deposit, and the terms for deposit return or modification after the lease period.
  • Terms of Use: The purpose for which the property is to be used, as well as the terms and conditions for using the property.
  • Utilities: Which utilities are included in the rent, and which are the responsibility of the tenants.
  • Insurance: Whether or not the lessee is obligated to ensure the property – most commonly used in business leasing agreements.
  • Repairs and Upkeep: The party responsible for the property’s repairs and maintenance – the lessor or lessee.

What happens when any party breaches the agreement?

When a tenant violates a lease agreement, the landlord has the legal right to cancel the lease.

The most typical violation of a lease agreement happens when a tenant fails to pay rent on time. However, failure to follow other lease requirements also constitutes a breach.

When it comes to tenants not meeting their leases, many landlords are ready to work through a range of issues since it is frequently less expensive than evicting the tenant and going through the process of finding a new tenant.

Even if a landlord makes such concessions or strives to resolve concerns, he has the authority to remove a tenant who has violated the agreement. When a tenant violates a lease, the landlord must take specific procedures needed by state law to evict the renter.

The first stage is to provide the tenant with a written notice outlining how the tenant can repair the violation, if applicable, and how much time he has before eviction procedures are initiated.

If the lease has not been cured by the end of that period, the landlord may begin legal eviction procedures with the local court.