Article published by : Ilene Geter on Monday, September 30, 2013 - Viewed 800 times


Category : Real Estate

Why You Need a Residential Lease Agreement

Whenever you lease a place to live in you will need to sign a residential lease agreement. However, many such agreements contain different things so it is wise to read it carefully before signing. But from the point of view of the lessor, the agreement really protects their rights as well as the rights of the lessee.

For instance, some people lease a place and then expect that extended family can come in and live there permanently even though there is really not enough room for them. Why will this matter to the person who owns the accommodation? The more people in the house, the sooner it will get worn out and repairs will be needed. As an example, the stove will be working a great deal more and so is likely to need replacing sooner.

Flooring will also be used a great deal more for six people than if there were only two in residence. This means that it too, will wear out and need replacing much sooner. Electrical and plumbing repairs are the responsibility of the owner and when these things are being used more often they are more likely to be in need of repair. And of course, where the lessor is responsible for paying the water rates a great deal more water will be used when there are extra people in the home.

Contracts are important elements of many buying and selling processes and they are used to safeguard both the seller and the buyer. Owner finance contracts are used to make the property more desirable to the buyer as the owner offers finance to the buyer. However, the contract should be drawn up by a professional such as an attorney to ensure that it is correct in every detail and that the owner is protected against fraud or loss.

The lease agreement is different in that you can actually get templates online for such agreements that are legal and binding and have been drafted by professionals to ensure they cover everything. These can be downloaded and printed out for no cost as they are usually relatively simple documents. Naturally enough you have to supply a signed copy of the agreement to the lessee as well as keeping one for yourself.

Of course, it is essential that you get the template that deals with your particular form of leasing as there are several different kinds. It is always a good idea to have the input of a professional, especially if you have had no previous experience in renting or leasing a property.

Author Bio:

For the past five years I have been writing informative and quality articles on topics such as residential lease agreement, owner finance contracts, lease agreement and many more.

Keywords: finance contracts, residential lease agreement, lease agreement

By: Ilene Geter

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Article ID 1008940 (Views 800)

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