What should be included Rental and Lease Agreements?

A Lease Agreement or a Rental Agreement is a legally binding document that cements the terms, conditions and responsibilities of all parties involved with the renting or leasing of equipment, goods or property. Any Rental Lease Agreement should include the following elements as standard: 

  • Details of what is being leased - What is being leased and for what purpose. Who is it being leased by and who is leasing it out. 
  • The start and end date of the lease, and payment amount - When the lease begins and when the lease runs out. How much the lease is, and when payments are due, and where. 
  • Deposit - What is required to deposit before the lease starts and where it should be kept. What the deposit is required for and what it covers both sides for is detailed. 
  • Adjustments to rent - If the landlord wants to make adjustments to the rent, when they can do so and how is detailed here. 
  • The condition of the leased equipment or property - The condition of the property or equipment at the beginning of the agreement is listed here. If the lessee has any issues with the state of the equipment or property, how they should identify such issues to the landlord, and when, is outlined here. Additionally, this section also defined what is required of the lessee when the agreement ends. The equipment or property needs to be left in the state it was originally in and, if not, how that is resolved.  
  • Insurance and tax - Whose responsibility it is to pay the insurance on the property and any VAT is defined here. 
  • Other associated costs -  Maintenance and utility costs are outlined here and whose responsibility they are. 

There are several specific types of these agreements which can lead a person to worry about how to write a Lease Agreement in the first place. Here, at Contractbook, we have several templates for Lease Agreements that will ease the worry. We have the following Lease Agreement templates in our library ready to go:

  • Commercial Lease Agreement: in comparison to a Residential Lease Agreement, this Rental Agreement form is used when a landlord is leasing out premises or equipment for commercial use. 
  • Rental Of Office Space Agreement: used in the specific case of a landlord renting out office space to a tenant.
  • Lease Option Agreement: used if a tenant wants the chance to purchase a landlord's property at the end of the lease period.
  • Lease Termination Agreement: used if a tenant and a landlord have come to a mutual agreement to end a Lease Agreement before the pre agreed termination date.
  • Sublease Agreement: used to rent out a property by a tenant to another party. 

When should I use a Rental and Lease Agreement?

A Rental Contract should be used when you are either a landlord or a tenant in need of defining the terms and conditions that surround any leasing or renting of equipment or property. A Rental Lease agreement needs to set out clearly what the obligations and responsibilities of all parties involved are so that both sides can be happy that their interests are being met. 

For example, a landlord may want to rent out a flat to a person on a residential basis. A Rental Contract allows both sides to thrash out the details before signing up to any long term obligations. In the case of a Residential Lease Agreement, that can include what state the property should be in or what the payment terms are. 

Why should I use a Rental and Lease Agreement?

A Rental and Lease Agreement is a crucial piece of legal documentation that defines what the responsibilities of the landlord and the tenant are. As a result, those responsibilities are more likely to be met and, ultimately, an effective working relationship is more likely to transpire. A tenant knows what they need to pay and when. A landlord knows what state they need to provide their equipment or property in. And that’s right from the beginning of a contract’s life. No misunderstandings will occur and the chance of contract breaches are far lower. Costly legal disputes that stem from evictions or other issues are less likely to occur too therefore. 

Where and how should I use a Rental and Lease Agreement template?

Our free Lease Agreement templates, available to our customers, should be used in any situation where a Lease Agreement is needed. While they are exceptionally helpful if you need to create and generate several contracts on a frequent basis, even if you just need one, every so often, a template is a fantastic starting point as it means that you can be sure that all essential elements are included. It means that you can be confident that you have your legal interests protected from the start. 

Plus our templates, software and app, when used in conjunction with one another, help reduce the administrative burden that generating a contract can be. Drawing up any type of Rental and Lease Agreement is a quick and painless process instead. Our templates are infinitely modifiable so that they can be tweaked to your needs. And, they can be easily collaborated on, signed and stored, so that all parts of a contract’s lifecycle is supported by our technology. 

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