Subscribe Feed (RSS)Sample Lease Agreement 101
A lease agreement is legal contract and is enforceable by all the signatories to the lease as per the contract laws. It also represent an authorization of rights to real estate or property, it is actually a hybrid type of contract which usually involves the qualities of the lease agreement. Few particular kinds of leases have some specific clauses which are required as per law and are also dependent upon the property which is being leased and/or the jurisdiction in which the lease agreement is being signed or sometimes even residence of the parties involved.
Major elements of a lease agreement would include:
• Names of the parties who are signing the agreement.
• The duration of the lease deed.
• Proper identification of the property/object (street address,
• Model/make, vehicle number) which is being leased.
• Conditions for the lease renewal.
• The consideration (single amount, or payments at certain intervals) for using the object.
• It must contain provisions for security deposit and conditions for its return.
• It can also contain a particular list of conditions which may be mentioned as Default conditions and particular remedies.
• It can also have other conditions which are imposed on the parties like:
o any requirement to provide insurance for any loss
o limited use
o which of the parties are responsible for repair and maintenance
All types of property which is personal in nature (like cars, items…) or some actual property (land, small family homes, stores, maybe wholesale one or retail) can be leased. With the lease agreement the owner (lessor) grants the right to use the said property to lessee.
A cancelable lease agreement is a lease which can be terminated by the lessee or solely by the lessor. A non-cancelable lease is an agreement which on the other hand cannot be terminated. In common terms a “lease” normally refers to a non-cancelable lease, and a “rental agreement” may refer to as a cancelable lease.
