If you’re a residential landlord, it’s important to have a written agreement in place with your tenants. This document will outline the expectations and responsibilities of both parties and can help prevent any misunderstandings or conflicts down the road. In this article, we’ll discuss what a landlord-tenant agreement is, and why you need one. We’ll also provide a free sample template that you can use for your own property!
What is a Landlord-tenant Agreement and Why Do You Need One
A landlord-tenant agreement is a contract between a landlord and tenant that outlines the terms of the rental arrangement. This agreement can be used for both residential and commercial properties. The agreement should list all pertinent information about the property, such as square footage, number of bedrooms and bathrooms, monthly rental price, and any other details about the space. In addition, the agreement should include the length of the lease (usually one year), start date, and end date.
The agreement should also outline both the landlord’s and tenant’s rights and responsibilities. For example, it should state how many people are allowed to live in the rental unit, what type of damage is considered “normal wear and tear,” how repairs will be handled, and what the procedures are for renewing or terminating the lease.
While a residential landlord-tenant agreement template can be found online, it’s always best to have an attorney review the document before signing it. This is because state laws vary when it comes to landlord-tenant rights and responsibilities, so a one-size-fits-all template may not be applicable in your situation. Plus, an attorney can help you negotiate more favorable terms if necessary.
The Components of a Landlord-tenant Agreement Template
A typical residential landlord-tenant agreement template will contain the following components:
- The names of the landlord and tenant
- The address of the rental property
- The amount of rent to be paid and when it is due
- The length of the lease term
- A description of any restrictions on the use of the property (e.g., no smoking, no pets)
- The landlord’s and tenant’s responsibilities for repairs and maintenance
- Rules regarding subleasing or assignment of the lease
- Procedures for renewing or terminating the lease early
- A clause specifying that the landlord and tenant have read and understand the agreement
While not every template will include all of these items, this is a good starting point for creating your own agreement.
Tips for Landlords and Tenants to Keep in Mind When Signing a Lease Agreement
When you’re a landlord, it’s important to remember that your tenant is signing a binding legal contract. Make sure you understand the terms of the agreement before you sign it. As a tenant, you should also be aware of your rights and responsibilities under the lease agreement. Be sure to read the entire agreement carefully before you sign it.
Here are some other things to keep in mind when signing a residential lease agreement:
- The landlord and tenant should each keep a copy of the signed agreement for their records.
- The lease should be signed by both parties before move-in day.
- All adults who will be living in the rental unit must sign the lease agreement.
- The landlord may require tenants to provide proof of renters insurance before move-in day.
The bottom line is that a residential lease agreement is a legally binding contract between a landlord and tenant. Be sure to read the entire agreement carefully and understand it fully before signing it. If you have any questions about the agreement, be sure to ask the landlord before putting your signature on the dotted line.