Residential Lease Information
A Residential Lease is sometimes called a:
- Tenancy Agreement
- Rental Lease Agreement
- Lease Form
- Rental Contract
What is a Residential Lease?
A Residential Lease agreement is a form that both the tenant(s) and landlord(s) negotiate and sign when the tenant will be renting property from the landlord. The Lease includes property, tenant, and landlord details.
The Lease also covers:
- the term or length of the contract (fixed or periodic);
- the amount and frequency of rent;
- whether there can be rent increases;
- if tenants are allowed to smoke, have pets, or a home business
- the amount of security/damage deposit, charges for late payments, additional charges (such as utilities);
- the maintenance and insurance obligations;
- any signing incentives;
- the guest rules;
- an option to purchase;
- an option to renew; and more.
Both the tenant and the landlord should keep a copy of the signed agreement for their records.
What You Can Use This Lease For
You can use this Rental Contract for any type of residential property rental, including:
- Mobile Home
- Basement Suite
- Other living spaces
- Rent-to-own options
Who Needs a Lease Agreement?
When entering into any type of residential rental circumstance you should ensure that you have a valid contract to outline your rights and responsibilities as a landlord or a tenant. People who may find this form useful are:
- Homeowners looking for tenants
- Tenants looking for a home to rent
- Landlords, property managers, and tenant placement services
- Individuals renting residential property to family and/or friends
- Tenants or landlords looking to rent a property with the option to buy
Rent-to-Own/Option to Purchase
A common form of a rent-to-own agreement is a rental contract with an option to purchase or option to buy. An option to purchase gives the tenant the option to buy the home for a certain price within a certain period of time.
This form of agreement is used where a landlord wishes to sell a home but the potential tenant either has a negative credit rating or can't save a large enough deposit for a lender-based mortgage.
The tenant(s) pay a non-refundable option fee and in return the landlord provides the renter an option to purchase the home at a predetermined price. If the tenant decides not to purchase the property, the landlord keeps the option fee or deposit.
Forms Related to a Residential Lease: