What are the Top Features of a Residential Lease Agreement?

A Residential Lease Agreement Form is a type of document that can be used by anyone who would like to rent a home or property for the purpose of residing, or by anybody who would wish to let his residential space out. This is an important legal document that specifies various terms and conditions that a landlord and tenant must adhere to, and not complying with same can make them face prosecution. Know about some of the major features of a residential lease agreement. 

Terms and conditions

This kind of a free lease agreement Ohio would have all the T & C, such as:

  • The amount of date
  • The date when the rent should be paid on
  • The mode of payment of rent

It should also mention whether the rent would be directly paid to the account of the landlord, and the account number must be mentioned too. In case the tenant would be paid by cheque, what would the penalty be if the cheque is dishonored for some reason? 

Important points

It should also mention all that should be done in case there is payment of rent after the due date of agreement passes. In this agreement, all the points must be mentioned with clarity. This kind of free lease agreement in Michigan would contain the important space, where the addresses and names of both concerned parties will be included. In case there are multiple landlords or tenants involved, all the details about the same would be included as well. 

Potential of dispute

A landlord and tenant may enter into some dispute due to many ways. For instance, a variation of opinion might be there – related to who needs to pay all the utility bills as well as who have to make payments for the periodic repairs which might be required. If you want to avoid this kind of a situation, a lease agreement would have to be drafted. You can download such an agreement right from the internet, given that many websites have the same. When you use this type of document, you can avoid any potential disputes.

sudarsan

Sudarsan Chakraborty is a professional writer. He contributes to many high-quality blogs. He loves to write on various topics.