What is a residential lease agreement?
A residential lease agreement is a contract used to outline the terms of a tenant's lease with your property. These agreements allow landlords to outline the conditions of occupancy for residential properties. These conditions might include the length of stay, cost of rent, pet policies, and deposit obligations.
What are the pros and cons of a residential lease agreement?
It may seem like an unnecessary piece of legal paperwork, but without a lease agreement, you leave yourself open to a multitude of problems. Lease contracts notify your tenants of the rules they need to follow while in your property and give you leverage and a course of action if they fail to meet your terms. Make sure lessees agree to your terms by having them review and sign a residential lease contract that you can keep on file.