Landlords who use LawDepot's Residential Lease have the option of choosing a standard or comprehensive agreement. A comprehensive agreement offers more options and legal protections than a standard agreement.
Standard lease agreements
A standard residential lease generally includes contact information for both the landlord and tenant and property details (such as the address, square footage, and amenities). The document also contains lease specifics, such as the type of lease and length of the lease term.
A standard lease also includes the rental rights and obligations of each party, rent details (the amount due, payment frequency, late fees, etc.) and other payment information, such as security deposit details.
Standard residential leases can also include additional material, such as:
- Dispute resolution methods (mediation, arbitration, or both)
- Possible signing incentives for the tenant
- The option to purchase (sometimes called rent-to-own)
- The option to renew the lease
Comprehensive lease agreements
In addition to the information in a standard agreement, a comprehensive rental agreement can specify whether the property is furnished or not (with the option to include a description), appoint a property manager who acts on the landlord's behalf, and state whether the tenant can operate a home business on the premises.
This type of rental agreement also allows the landlord to include a pet deposit or fee and includes information about a guarantor (i.e. a third-party, like a parent or close friend, who agrees to cover the financial obligations if the tenant defaults on rent).
Both the tenant and the landlord should keep a copy of the signed agreement for their records.