Residential Lease

A Rental/Lease Agreement spells out the terms of a residential tenancy between a landlord and tenant.
• Perfect for landlords, property managers, and real estate investors
• For all residential property types, including homes, apartments, condos, basement suites, and more

Income from residential rental property is passive income.

A lease or rental agreement is a contract in which a property owner, the “landlord” or “lessor,” agrees to let another person, the “tenant” or “lessee,” use the owner’s real property in exchange for something of value, which is usually money in the form of “rent.” For a variety of reasons, millions of Americans rent the property they live in, from single room apartments to single-family homes.

Residential leases are usually pretty long and try to cover all of the parties’ rights and responsibilities. There are many things that a lease must contain, like the parties’ names, and there are things that it can provide for, such as detailing who has to pay for utilities. There are also things that a lease can’t state, such as a tenant’s waiver of his right to a refund of a security deposit.

Usually, state law controls the contents of a lease, and those laws vary. So, whether you’re a landlord or tenant, be certain to check the laws in your area, or seek the advice of an attorney experienced in real estate law, before signing a lease.