Finding the Perfect Free Lease Agreement Online
Are you a property owner or landlord considering putting one of your properties up for rent? Do you currently have all the necessary forms? Renting or leasing a property is a legally binding act, and to protect yourself, you must have all the necessary documentation, including, but not limited to, the lease agreement. This article will briefly describe what a lease agreement is and how you can use a free lease agreement from the Internet to protect you and your renter from any legal mishaps.
What Is a Lease Agreement?
A lease agreement, or lease for short, is the most common form of the rental agreement. This document, which constitutes a legal transaction, is between the landlord of a given property and the person or persons who will be renting that property.
The responsibility for the lease agreement typically falls to the landlord and should include all the necessary terms and conditions concerning the rental property. Without this type of agreement, any damage to or misuse of the property would be the landlord's sole responsibility and could wind up costing thousands of dollars.
About the Free Lease Agreement
If you conduct an online search for a free lease agreement, you’re bound to find several websites offering these types of templates and forms. Using a free lease agreement saves time because the “legal language” of the contract is already there, and all that’s left to do is fill in the necessary information.
When searching online for a free lease agreement, there are several things that you need to consider. First, it’s important to remember that not all free lease agreements are the same. There are lease agreements for residential properties, commercial properties, and even sub-lease agreements. Before you begin your search, take some time to jot down everything you would like your free lease agreement to include, then narrow your search accordingly. This will save a lot of time in the long run.
What Needs to Be Included in Your Free Lease Agreement
As briefly mentioned above, what needs to be included in your lease agreement depends largely on the type of property you are planning to rent. However, there are certain components of the lease agreement that should always be included. Below is a brief look at some of those components:
- Parties Involved. Regardless of the property you are planning to rent, every lease agreement should have a space where both parties involved can print and sign their names, as well as date the form.
- Lease Terms. The lease terms include items such as the monthly payment obligation, when that payment will be due each month, and the duration of the lease. There should also be language that fully explains the consequences if either party terminates the lease prematurely.
- Responsibilities and Exceptions. This section should be designed so that each party in the lease understands their responsibilities with regard to the property. For instance, whether the landlord will be responsible for repairs or will that duty fall to the renter. This section is vital, protecting both landlord and renter from future misunderstandings.
Finding a free lease agreement online is certainly not difficult, but finding one that is perfect for your unique rental situation may take a bit more time.
Why Use a Lease Agreement
A Lease Agreement is a widespread official document that is used to regulate the relationship between the landlord and the tenant. It should be present in the written form and include important details about the parties and the leased property. There are several names for the document, like a rental agreement, a rental contract, or a house rental agreement.
The core idea of the lease agreement is to provide clarification as to the landlord’s list of responsibilities in the deal, as well as the conditions under which tenants agree to lease the property. Sometimes, state laws require the lease agreement to be mandatorily created and signed. The action will load off the burden from either party of the agreement should anything goes out of the way described in the document.
Rental Laws by State - check to see your state's regulation and landlord-tenant rights.
There are cases when a landlord does not apply the lease agreement while giving their premises for rent. In such a case, the amount of money aimed at rent can be lost. Also, there can be a serious responsibility entailed, such as fines and penalties for the unpaid utility bills or having to complete an entire renovation process once the property premises have been damaged. Therefore, the completion of the Lease Agreement is highly recommended for all landlords in the first place.
The copies of the document must be distributed among all the parties involved in the deal, including a property managing specialist.
Main Lease Agreement Types
The importance of the Lease Agreement in the deals concerning renting out property is hard to overlook. While some states have imposed regulations that deem the document mandatory, there are still rare cases when the completion of the document is skipped. To raise awareness of the importance of the lease agreements, we need to look closer at the details concerned.
Let us now consider the main types of Lease Agreements completed in the USA.
- Standard lease Agreement
The document is generally utilized by those who consider a fixed timeline, say, a year, as a lease period. The type is the most common one. It can be applied to renting out a private property, from a basement to a country house. Regulations differ state-wise, so one needs to clarify all questions by checking the current laws in the particular state.
- Month-to-month Rental Agreement
A monthly rental agreement is for those whose lease timespan is less than a year. People who create the document underline its flexibility and convenience of usage.
- Sublease Agreement
A sublease agreement is for renting a room or an entire area of the property when another renting from a different landlord is currently ongoing. To sublet the territory and keep renting from another owner, you may use the Sublease Agreement Form.
- Room Rental Agreement
A room rental agreement is applicable in situations when a room in your private property is being leased already. However, certain conditions and requirements are still not included in your main contract. The conditions vary, from the opportunity to have pets to the smoking restrictions.
- Commercial Lease Agreement
A commercial lease agreement is usually completed by those who rent out a building designed for an office, a public space like a cafe or a pub, or any other kind of place in which tenants will run business and profit from renting your premises.
- Rent-to-own Agreement
A rent-to-own lease agreement is also commonly known as a lease with the option to buy. Two parties are needed for the correct creation of this document. The seller/landlord and a buyer/leasee sign the paper and clarify details of the deal, namely, discussing the options of the latter to buy the property in question.