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Residential Rental Agreement – What are the Terms of Agreement?

Residential Rental Agreements, or Residential Lease Agreements, are contracts that are signed between a landlord and a tenant and outlines all the rental property terms. These agreements outline all the tenancy terms and conditions, such as security deposit and rental amount. These also have information about the responsibilities and rights of a tenant and a landlord. As Residential Rental Agreement Help for you, some of the terms of agreement in these types of contracts are mentioned here:

Duration

The term of this kind of contract outlines the duration of tenancy, which typically extends between 1 and 24 months. It has to include details about when the lease starts, such as the date, month, time and year, and also when the lease would end. The section about the term also contains a renewal option.

Renewal

Normally, a free rental agreement form is renewed either for a specific time period. Generally, it is offered for the same period that the actual lease was offered for, or it is terminated after the end of the tenancy period. A few landlords extend monthly lease renewals after the end of the original lease term. Often, landlords raise rent by 3 to 5% every year for matching inflation. For specific guidance, you need to check the tenant laws of the landlord of your area.

Termination

The section covers all that would occur in case the property is abandoned by the tenant or the lease is broken in some way. The landlord can evict the tenant in case the latter is found to break the lease. He can move the court, take back possession of his property and forfeit the right of the tenant to his security deposit. The tenant would be responsible for any prior due rent as well as the attorney fees of the landlord and other eviction expenses. You may also download a power of attorney form or equipment bill of sale from the website forms.legal