What is an apartment lease agreement?
An apartment lease agreement is a contract between a landlord and tenant, or lessor and lessee, that spells out the terms and conditions of the tenancy. While a lease contract can be synonymous with a rental agreement or rental contract, the term lease is typically used for a longer, fixed-term occupancy, while rental often denotes a shorter time period or month-to-month arrangement.
Before you welcome new tenants to an apartment, you need to draw up a standard lease agreement and get both parties’ signatures. You and the tenants sign to acknowledge the terms of the lease and promise to abide by the tenant laws outlined in the agreement.
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When and why you need an apartment lease.
Not only does a residential lease agreement keep everyone on the same page, it’s also a binding, legal document that is enforceable by law. This type of contract is a form of protection should any issues arise down the road, so it’s crucial to include all necessary components and be as thorough as possible when creating yours.
You should use an apartment lease only for residential properties. Commercial or retail real estate requires a commercial lease agreement.
Similarly, a house rental agreement might have many parallels to an apartment rental agreement, but different property types warrant their own unique contracts. For example, a house lease needs a section on lawn maintenance and other household repairs, while apartment maintenance is more likely to be handled by property managers or the building’s property management company.