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Standard Residential Lease Agreement Templat PDF Free Download
Standard Residential Lease Templat
How to Write (Fill Out) a Lease/Rental Agreement
Name the parties
A simple rental agreement form must name the parties signing the lease and where they live.
First, you should write down:
the landlord or property management company and their current address
the tenant or tenants and their current addressThis is an example of where to write the Tenant and Landlord names in our lease template.
2. Describe the premises
The “premises” are simply the exact address and type of rented property, such as an apartment, house, or condominium.
3. Define the term of the lease
The “term” is the length of time a tenant will rent the listed property.
A standard lease agreement should detail exactly when the lease term begins and ends.
Furthermore, a lease can either be fixed-term or month-to-month.
A fixed-term rental lease means the agreement is set for a predetermined, or fixed, period of time.
This type of lease expires on the end date listed in the agreement (usually up to 6 months, 1 year, or 2 years from the start date).
A month-to-month rental lease means the agreement is for a one-month period with no defined end date.
It continues monthly until either the landlord or tenant terminates the agreement.
4. Set how much rent is owed
A lease agreement must explicitly list the monthly rental amount and outline the consequences of late rent.
It’s up to the landlord to decide how much to charge for rent, but the cost is usually comparable to other properties within the same area.
In addition, standard rent control laws may limit the amount you can charge for rent.
Check your local rent control ordinance to ensure that your lease agreement is compliant with those regulations.
5. Assign a security deposit amount
A security deposit is a set amount of money usually collected at the beginning of the lease.
IMPORTANT
Landlords have the right to collect a security deposit from their tenants, but their states’ security deposit laws define what landlords can use that money for (check the security deposit laws of your state).
6. Finalize the lease
Once you finish discussing the details with your tenant, remember to:
Print – print at least two copies of the rental lease for you and the other party
Sign – sign and date the lease agreement form (both the tenant(s) and landlord)
Save – file a hard copy of the signed document safely and consider scanning an electronic copy for extra safekeeping.
When to Use?
A residential lease should be used when leasing any type of livable property to a tenant. This may include:
Single-family homes;
Apartments;
Condos;
Room rentals;
Mobile homes; or
Other residential dwellings.
The main purpose is to minimize disputes by having all agreements entered into a written contract.
How to Negotiate
Each tenant is unique and the following are major factors when negotiating a lease:
Employment History – The landlord wants to see a long and stable job history that includes staying at each company for 3-5 years.
Any less than that, or long periods of unemployment, will be deemed as high-risk to the landlord.
Current Pay Stubs – In order to prove one’s income, the landlord would like to see the applicant’s last 2 weeks’ pay stubs.
This can be either gathered directly from the employer or through a bank statement.
Past Income – The applicant will need to gather their last 2-3 years income tax filings with the Internal Revenue Service (IRS).
For employees this would be Form W-4, for self-employed individuals or independent contractors this would be Form 1099;
Rent Pre-Payment – If the applicant can pay rent in advance at the start of the lease, there is a chance the landlord will agree to a lesser monthly amount.
Especially if the amount is equal to more than 3 months;
Security Deposit – Due to most States establishing a maximum security deposit amount, the tenant may not be able to take advantage of this to the fullest extent; and
Landlord History – If the applicant has rented previously in their life, they should gather past landlord and property manager contact information as a viable reference.
| Author | – |
| Language | English |
| No. of Pages | 11 |
| PDF Size | 1 MB |
| Category | Form |
| Source/Credits | eforms.com |
Standard Residential Lease Agreement Templat PDF Free Download