[Guide] Lease Agreement Explanation

The objective of this article is to explain to the tenant & landlord the commonly accepted and expected responsibilities listed on the lease agreement between the landlord and tenant.

Lease Agreement Summary

The Lease (Rental) Agreement is a contract between the Landlord and the Tenant. Both the Landlord and Tenant should familiarize themselves with the intricacies of the Lease Agreement.

Both the Landlord and Tenant are responsible for upholding their end of the terms and conditions.

Key Elements of a Lease Agreement

A lease agreement, also known as a rental agreement or lease contract, is a legally binding contract that establishes the rights and responsibilities of both the landlord and the tenant. It serves as a written record of the terms and conditions agreed upon by both parties for the rental of a property.

• Parties Involved
• Rental Amount
• Tenancy Duration (Commonly 1 year)
• Maintenance Responsibilities (Tenants are usually responsible for things such as A/C Filters, Light Bulbs, etc)
• Termination Clauses
• Dispute Resolutions

Landlord (Owners):

As an Landlord (Owner), you should be able to identify what responsibilities you have according to the Lease, State Law and City Ordinances.

Landlord’s should understand the rules when it comes to handling Security Deposits, and Security Claims to avoid issues.

Property Managers:

Property Managers should be able to identify what responsibilities are the Tenant(s) and the Landlord(s).

Explain to the Landlord the rules regarding Security Deposits, and Security Claims.

Understand and Determine which is the correct notice to give for a non-compliance and when to issue it.

Understand the correct methods when dealing with potentially difficult situations, when they arise.

Tenants:

As a Tenant, you should be able to identify what responsibilities you have according to the Lease, State Law and City Ordinances.

As a Tenant, you should familiarize yourself with these legal notices; Incurable Notice and Curable Notice.

Incurable Notice: This notice does not allow the Tenant the cure the issue.

Curable Notice: This notice allows the Tenant to cure the issue. Once the issue is cured, the lease continues as if the violation never occurred.

Click here to read our article on Know Your Notices.