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Simple Lease Agreement: A Must When Renting Your Property
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Are you one of the millions of property owners who, after attempting for months to sell your house in this down economy, have decided to rent your home or property to one or more tenants? Do you currently possess the necessary paperwork for ensuring that you are protected against liability claims and/or breach of contract? If you do not, the following article, in which we will discuss the simple lease agreement in more detail, may be able to help.
Simple Lease Agreements and Their importance
The continuing recession has all but devastated the real estate market, and has thus forced many potential home sellers to abandon the idea of selling their homes. Instead, thousands of them have opted to put their home on the less-affected rental market as a way to recoup some or all of their monthly mortgage payment. This strategy, according to financial experts, is a sound one from an economic standpoint, but to protect yourself in this type arrangement it is absolutely imperative that you at least draft a simple tenant lease agreement, one that contains the topics and legal language to ensure the contract will be legally binding and enforceable in a court of law.
You may think that a document of this scope and magnitude is too complicated to draft on your own, and without the assistance of an attorney, but there are actually quite a few online sites that offer free simple lease agreement forms—forms that are pre-printed and can be adapted to suit your own unique rental situation. Whether you’re looking for a simple tenant lease agreement or a commercial lease agreement, it’s now easier than ever to locate the required lease paperwork you need, along with detailed instructions on how to complete the form and download it to your personal computer.
What Exactly Are Simple Lease Agreements?
In simplified terms, a simple lease agreement is a binding contract between the owner of a property, also called the landlord, and the person or persons to whom the property will be rented, also called the tenants. The word “simple” is used to describe simple lease agreements because the contract is very brief—usually only 1 page—and is administered by the property owner, without the assistance of an attorney.
Once a simple tenant lease agreement—or simple commercial lease agreement—has been signed and dated by the landlord and the tenant, both parties are legally bound to abide by its provisions. If there is any breach of the contract, by landlord or tenant, the harmed party is entitled to seek legal recompense through the court system. This applies only to the parties whose names are listed on the simple lease agreement, which is why landlords are strongly encouraged to have each adult tenant sign the lease prior to handing over the keys.
Simple Lease Agreement: Required Elements
When searching online for free simple lease agreement forms there are certain elements that must appear on these documents in order for the contract to be legally acceptable and enforceable. Some of the items to look for include:
• Landlord name and information. This section should include the full name of the property owner and all of his or her contact information.
• Tenant information. Each tenant over 18 years of age is required to sign the lease and will have their name appear in the top portion of the lease agreement.
• Property address. Here is where the property to be rented will be recorded in full-address format, including the apartment or suite number, where applicable.
• Payment information. In this section of the simple lease agreement you must indicate the total amount of the monthly rent payment, the day of the month the rent will come due, grace period (if any), and the late fee you will charge if payment it is not made by the indicated due date.
• Terms of the lease. Before you decide to put your property on the rental market you will have to decide what the terms of the lease will be. Common lease terms include 6-months, 1-year and 2-year commitments, each of which has its advantages and disadvantages. A shorter lease does not provide the same amount of rental security as a lengthier lease, but if you think you may want to move back into the home after 6-months, or you want the choice to potentially raise the price of the rent, a shorter lease can be very advantageous. A shorter lease also gives you a way out of a bad situation if the tenant to whom you choose to rent turns out to be less than desirable. Naturally, if the economy remains sluggish and your tenant pays on time and abides by all the house rules, a longer lease would work in your favor.
• Rules and Consequences. This section of the simple lease agreement is typically the longest and is where you will list the rules a tenant must abide by (no pets, no loud music, etc.) and the consequences for breaking them (fine, eviction, etc.)
The final and perhaps most important section of any simple lease agreement are the signature lines for the landlord and each of the tenants who will occupy the residence. No contract is legal until signed and witnessed by all parties involved.
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