Are you the owner of a property looking to rent it to a tenant? Or are you a tenant looking to rent property?
If so, this information is vitally important for you to read.
A residential lease is a legal binding contract entered into between a Landlord and a Tenant. It should detail the obligations of each party to the lease. It also should include what happens when either the Landlord fails to fix the property or Tenant fail to pay rent.
A residential lease should include the following terms:
· names of the parties (name of Tenant (s) and the Landlord)
· street address and legal description of the real property
· date when the lease will commence
· date when the lease will terminate
· amount of rent and date it is due (including whether there is a grace period)
· whether the rent can is payable by cashier’s check, personal check, or money order
· amount of security deposit
· how and when the security deposit will be applied
· if a late fee applies, the amount of the late fee
· how the Tenant (s) should utilize the real property
· whether animals are allowed on the property
By including the terms noted above, as well as other written terms in a residential lease, the parties can easily understand what to expect and what they can expect and demand from the other party. Because this is a legal document, before signing the lease, both parties should agree to the terms and sign this document.
Landlords are strongly recommended to have an attorney either draft or review the lease agreement to protect their rights and obligations under the lease.
Tenants should also have an attorney review the lease before signing it to ensure the Tenant is aware of his/her rights and obligations under the contract.
If you are a Landlord or Tenant, please contact Kimberly M. Soto at 321.972.2279 so she can further advise you of the law regarding residential leases. The Soto Law Office, P.A. is conveniently located in Altamonte Springs, Florida near I-4, and proudly serves Brevard, Lake, Orange, Osceola, Seminole, and Volusia Counties.