In the past it was always considered wiser to purchase rather than lease a property. However in today’s fluctuating real estate market, that is no longer always the case. Some buyers would rather rent for awhile to check out the neighborhood and make sure that it fits their lifestyle. Others prefer to save themselves the hassle of dealing with home maintenance by letting their landlords take care of everything. Whatever the reason, as a landlord, it’s good to know what to expect when you are preparing to lease property. That’s why it’s a good idea to use a lease agreement template. Here are some examples of different lease templates you might use along with when and why to use them.
Apartment
A lease agreement template for an apartment should include the following fields:
- Names of landlord and tenant
- Address of apartment
- Security deposit
- Amount and due date of rent
- Term of lease
- Right to enter
Right to enter is a statement that the landlord has the right to enter the apartment at any reasonable time for the purpose of inspection. An apartment lease agreement may also include special provisions or conditions that the landlord and tenant have agreed to. This type of lease is needed whenever someone is renting apartment property from the apartment owner.
Residential
A lease template for a residential property should be used when the landlord or owner of the property wishes to lease it to a tenant. The agreement should contain the signatures of both parties, along with other provisions and conditions previously agreed upon. A lease agreement template for residential property may include the following fields:
- Address of property
- Term and payment of lease
- Security deposit
- Possession of property, utilities, and pets
- Insurance requirements
Commercial
A lease agreement template for commercial property may be the most detailed of the lease templates. This lease is drawn up when the owner of commercial/business property wants to lease the property for commercial uses. In addition to the names and addresses of both parties, this template should also include:
- Term and payment of lease
- Security deposit
- Use clause (specifying and limiting what the property may or may not be used for)
- Specifications about parking, signs, damage, and improvement fees
- Specifications about who is responsible for property taxes and insurance
Sub Lease
A template for a sub-lease can be used to help a tenant who will be away for a long period of time, for example a temporary work transfer or deployment, yet plans to return to reoccupy the originally leased property. This template must include several key points such as:
- Names of the lessor and sublessor
- Reference to the original lease
- Suration of the sub-lease
- A description of the property being leased
- Amount of rent due
- Due date for rent payments
In this type of lease it is also important to remember that the sub-lease agreement does not free the original lessor from their obligations under the original lease. If the sub-lessor does not meet the property requirements, the original lessor may still be held responsible by the landlord.
It is imperative to have a well written lease agreement when entering into any type of lease/rental situation. By using a written lease template, both landlords and tenants are protected in the event of a disagreement or conflict. Having a written lease agreement brings peace of mind and helps to make the rental experience more enjoyable for all parties involved.
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