A lease is an important legal document that protects the rights of the parties signing the lease which can be different in different contexts. In a residential lease, there are certain important components of a lease that should be included that it is helpful to be familiar with.
There are several important components of a lease including:
- Names of all tenants – the lease should include every adult who has permission to live on the property, and has likely been screened by the landlord or their agent, each of whom should sign the lease.
- Limits on occupancy – the lease should include a section limiting occupancy to those on the lease and any minor children.
- Term of tenancy – the lease should also include the term of tenancy and if it is a fixed term.
- Rent – the lease should include the amount of rent and how and when it is supposed to be paid. It should also include if there will be any fees for late payments or returned checks.
- Deposits and fees – the lease should also specify the amount of security deposit paid, how the deposit will be used, how and when it will be returned and if any of it is nonrefundable. It is also important to comply with the laws associated with security deposits which this blog has discussed previously.
- Repairs and maintenance – the lease should specify how repairs will be performed and how they should be reported to the landlord.
- Entry onto the property – the lease should specify when the landlord can enter onto the property and for what reason which should comply with local laws.
- Restrictions on illegal activity – the lease should prohibited illegal activity by the tenants.
- Pets – if there are any pet restrictions, they should be included in the lease.
Both landlords and tenants have important protections in leases that it is helpful for them to be familiar. Landlords and tenants should ensure that all of the terms they have negotiated are included in the final lease that is signed by the parties so their interests are protected.