An apartment lease agreement is a legal contract that outlines the rights and responsibilities of both the landlord and the tenants. It is a highly practical document that is full of essential business details.
Basic components to include in an apartment lease agreement:
When designing your apartment rental lease agreement, include the following components;
Names of the tenant
Here, you have to include your name, your tenant name, and other adults who will be occupying the premises. This shows that all the adults who are living in your apartment are responsible for their duties and responsibilities as mentioned in the agreement as well as include the rent payment. So, if any of the tenant violate the terms of the agreement, you will be able to terminate the agreement.
The terms of the tenancy
In this clause, state the length of time the Tenant has to live in the Apartment.
Description of the apartment
Your apartment lease agreement should contain the full address of the property as well as the unit number. Also, you can indicate any specific parking spots or storage areas that are included. For instance, make sure to include the spot number in the agreement in case it has assigned parking spots. You should also specify all the areas restricted to the tenants.
Don’t just include the rent amount, you should also clearly state when and how it is to be paid like by mail to your office, by cheque, etc. Make sure to spell out the following details in order to avoid any confusion and inconveniences;
- The acceptable modes of payment
- The penalties for payment
- The amount of fee to be charged
- The grace period
- Charges regarding the check bounce
Security deposits and fees
A very contentious issue between the Tenant and the landlord is a security deposit. Therefore, it is essential that your apartment rental lease agreement is specific regarding the security deposit. Avoid the below mentioned disputes;
- The accurate amount of the security deposit
- The way you want to use the deposit
- Any non-refundable fees that may have during the tenancy period
In addition to this, it is also essential to mention all details on where you’ll hold the security deposit. Specify that whether you will refund the Tenant with interest on their deposit.
Repair and maintenance policies
Under the apartment rental lease agreement, both the landlord or the property management company and the Tenant should have a specific maintenance duty. All these should be set out in the terms. The tenant should ensure that the premises are always clean and also he will be responsible for any damages they cause.
It should be clearly stated in the agreement if you don’t allow the pets. In case, you allow them to have pets, then specify the maximum number of pets permitted. You should also include the kinds of pets permitted.
Right of entry
As a landlord, if you fail to do your duties, you can place you in violation of the lease. The agreement should contain the conditions under which you are allowed access to the Apartment.
Disruptive behavior and illegal activities
Include a clause in the apartment lease agreement that states what constitutes disruptive behavior and illegal activities and prohibit such activities and behavior.
Damage/alteration to premises
In the agreement, clearly mention that who is responsible for damages or alterations made to the Apartment. It should also mention what types of alterations your Tenant can make. Before making certain alterations, they must seek your approval or permission. You may also like Real Estate Contract Termination Letter.
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In conclusion, an apartment lease agreement is a legally binding contract that outlines the clear terms regarding what is expected of the Tenant and the landlord. It includes the rent, the duration of the Agreement, and rules regarding pets. A professionally designed agreement can help serve both parties’ interests and make sure that they are both protected.