A lease agreement, also known as a rental agreement, is a legally binding contract between a landlord and a tenant. It sets out the terms and conditions under which the tenant will occupy and use a property for a specified period of time in exchange for the payment of rent.
A lease agreement typically includes information such as:
- The names of the landlord and the tenant
- The property address and description
- The lease term, which may be a fixed term (such as one year) or a month-to-month arrangement
- The rent amount, due date, and payment method
- Security deposit amount and terms for its return
- Restrictions on the use of the property, such as whether pets or smoking are allowed
- Maintenance responsibilities of the landlord and tenant
- Procedures for ending the lease and vacating the property
- Any additional terms or clauses specific to the landlord or tenant's needs or preferences.
A lease agreement is a legally binding document, and both the landlord and the tenant are expected to abide by its terms and conditions. It provides clarity and protection for both parties and can help to prevent misunderstandings or disputes.