A lease agreement is essentially a contract between a landlord and a tenant that specifies how much rent will be paid monthly and for how long. Lease agreements, like many contracts, can be intimidating to some people since the terminology in the contract might be difficult to understand. However, having a basic understanding of what is contained in a lease agreement can help you prevent unwanted conflicts or expenditures during or after your lease ends. Like MG Developments
Contents of a Lease Agreement
Legal Document
Once signed, your lease agreement defines what the landlord and renter can and cannot do during the lease term. The lease agreement serves as a legal, binding contract between the landlord and tenant and will be used as such by the court if the two parties are involved in any legal procedures.
If there is more than one tenant accountable for the lease, a landlord can enforce the contract against all tenants if necessary, thus it is critical that everyone involved understands their responsibilities under the lease provisions.
Verbal Lease Contracts
While most lease agreements are written, there are some that can be enforced as oral contracts. It is crucial to remember, however, that not all states allow verbal residential lease agreements, and verbal commercial agreements are forbidden in all states.
Renters with verbal residential lease agreements are protected by state-specific tenants’ rights laws. Because of the complexity of commercial leases, it is nearly impossible to justify verbal agreements in court, which is why they are not permitted.
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