What is a Residential Lease Agreement?

By | November 27, 2007

A Residential Lease Agreement, also known as a House Lease Agreement, or Residential Rental Contract is a form used by landlords to rent out real estate based on the fact that someone will be living there.

Any agreement, involving a piece of property should always be in writing. The writing should include: (i) a description of the property, including the address of the property so that it may be easily identified; (ii) the type of property, Residential Lease Agreements can be entered into for any dwelling that may be used as a residence, such as a house, apartment, etc.; (iii) who the parties are, this will generally be the owner of the property, also known as the lessor or landlord, and the tenant, also known as the lessee or renter; (iv) the term of the lease, this will indicate how long the lease is for, what day the lease begins, and what day the lease entered into ends; (v) the rental payments, it should be put down in writing how much rent is due, how often (weekly, monthly, annually), and when it is due. These are the minimum provisions that should be included; however many other provisions may be included. It is important to put the terms of the Lease Agreement so that should any problems arise, all the parties are clear on their responsibilities, and where the fault lies. If the parties are unable to resolve their dispute, and go to court, a court will be able to interpret a written agreement and decide on the most fair solution.

A Residential Lease form can be sometimes called by different names and can cover many types of leases such as House Leases, Apartment Lease, Condo Lease and even Room Lease.

Definition of Residential Lease Form and House Lease Form.