Residential Lease Agreement

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residential lease agreement

There are many ways to go about setting up a landlord tenant rental agreement, also known as a lease agreement. Standards can vary from state to state and city to city even, so most likely you will need to consult your local courthouse (online if they have it) to find out the real facts. Don’t assume the landlord knows them! He may not have known the laws changed recently, or not even care.

 

Do You Want a Periodic Lease or a Fixed Term Lease?

 

Choosing among a periodic (month to month, year to year) and fixed term lease seems like a straightforward enough subject but it’s Many times not. Your lease type has a wide-ranging influence on how you can terminate the lease, when the rent can be raised and even how often the rent is collected.

 

Looking for a free and easy tenancy?

 

Then odds are a month to month lease will appeal to you. It’s easier to end – All you need is to inform the other party in writing 30 to 60 days Ahead. The rent is more flexible (good news for a landlord) – You can raise the rent just by dishing out a rent increase notice 30 to 60 days in advance. It’s little wonder this kind of rental lease agreement is preferred by landlords and tenants who are looking for a flexible rental agreement.

 

Perhaps you are the committed kind and favor a stable, long term relationship? Then check “fixed term lease” in your lease agreement form. In a fixed term lease, both the lease duration and the rent amount are protected (unless there’s a loophole clause in your lease agreement that allows the landlord to re-evaluate the rent). Since nearly all fixed term leases last for at least 6 months, it makes them more popular with commercial leases and long-term residential renting.

 

Security Deposits – How Much and How it is Handled?

 

Security deposits are the solitary thing that has been the bane of so many landlord-tenant arguments – yet the majority of them could have been well-avoided with a dependable rental lease agreement.

 

So how much security deposit can a landlord ask for? The exact answers can be unearthed from your community security deposit laws. In general, there’s no upper limit deposit limits for commercial leases while residential leases may be slapped with a 1 to 3 month limit. In many states however, the limit is double the monthly rent rate, so if your monthly rent is $500 then they can ask for $1000 as a deposit. Please check the laws of your state first as they change drastically.

 

Your free lease agreement should also be crystal clear on finer points of how the security deposit is handled: Is the security deposit fully refundable after the lease? If deposit deductions are made midway during the rental period, does the tenant have to top it up to the full amount again? What happens if the security deposit is not enough to cover the repair bills or unpaid rent? Can the deposit be used to pay off the last month’s rent? – Your rental agreement should contain target answers to all these questions.

 

As you are fine-tuning the rules of your lease agreement form, keep one thing in mind: You are free to negotiate your own terms and conditions, but it has to fall within the confines of your local landlord-tenant laws. Even the other party agrees, any lease terms that violate the landlord tenant laws will be struck off as unacceptable. In cases of serious violations, the whole lease agreement form may end up as trash paper.

 

Residential Lease Agreement Facts
 

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2 Responses to “Residential Lease Agreement”

  1. Lease Agreements And Security Deposit Facts | Bankruptcy Lawyer Says:

    [...] If your landlord decides to keep a portion or even all of the deposit and not give you a written notice of why he is doing so, then you must write him a letter demanding the return of your deposit with 10 days. This can vary from state to state, but typically within a “reasonable” length of time if your deposit is not returned. After writing the letter, which should be given to him in person or sent by certified mail, he has a fixed time to respond back. In most cases this is 10 days as well, but again checks your local or state laws to be sure. If he doesn’t respond by the given time period, you should file a claim in small claims court to recover your deposit. You may even want to contact the local states attorneys’ office to inform them about the situation as they may have more complaints about this landlord from other tenants. Always get the facts before you sign anything, especially when you need a free rental agreement. [...]

  2. Landlord And Tenant Security Deposit Facts | techworks scam Says:

    [...] If your landlord decides to keep a portion or even all of the deposit and not give you a written notice of why he is doing so, then you must write him a letter demanding the return of your deposit with 10 days. This can vary from state to state, but typically within a “reasonable” length of time if your deposit is not returned. After writing the letter, which should be given to him in person or sent by certified mail, he has a fixed time to respond back. In most cases this is 10 days as well, but again checks your local or state laws to be sure. If he doesn’t respond by the given time period, you should file a claim in small claims court to recover your deposit. You may even want to contact the local states attorneys’ office to inform them about the situation as they may have more complaints about this landlord from other tenants. Always get the facts before you sign anything, especially when you need a rental application form. [...]

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