Residential Lease Information

Alternate Names :

A Residential Lease is sometimes called a/an :

  • Lease Agreement
  • Rental Agreement
  • Rental Lease Agreement
  • Rental Contract
  • Apartment Lease
  • House Rental Agreement
  • Lease Form

What is a lease?

A lease is a contract a landlord and tenant sign when a tenant wants to rent residential property or Commercial Property.

A Residential Lease Agreement is a lease agreement that is specific to residential rental properties and is used to outline the terms and conditions of a tenancy, including the rights and obligations of the landlord and tenant. It can be used for various types of residential properties, including apartments, houses, condos, duplexes, townhouses, and more.

What is included in a Residential Lease Agreement?

Landlords using GreatOwners Residential Lease have the option of using a standard or comprehensive agreement.
Standard rental leases generally include:

  • Contact information for the landlord and tenant
  • Property details
  • Lease specifics
  • Rent payment details and security deposit
  • Rental privileges and responsibilities for the landlord and tenant

With GreatOwners comprehensive rental agreement, landlords are also able to:

  • Specify if the property is furnished or not.
  • Identify a property manager who will look after the property on the landlord's behalf
  • Incorporate a pet deposit or fee

Both the tenant and the landlord should keep a copy of the signed agreement for their records.


Who needs a Residential Lease Agreement?

When entering into any type of residential rental agreement, you should ensure that you have a valid contract to plan your rights and responsibilities as a landlord or a tenant.

Various individuals or organizations may find this document useful, such as:

  • Homeowners looking for tenants
  • Tenants looking for a home to rent
  • Individuals renting residential property to family and/or friends

Should my lease end on a set date?

Before creating a lease agreement, landlords need to decide whether they want the lease to end on a set date or not.

A lease with a predetermined end date, usually called a fixed term lease, is when the tenant agrees to rent the property for a certain period of time at a fixed price. This type of lease uses calendar dates to specify the start and end of the lease. At the end of a fixed term lease, the landlord and tenant can sign a new lease with updated dates and information or move on.

A lease without an end date, usually called a periodic tenancy or automatic renewal lease, is when the lease automatically renews after a certain duration (for instance, every month, six months, or year). With this type of lease, the landlord and tenant rent until one party provides appropriate notice signifying they want the lease to end.

Both types of leases carry their own advantages and disadvantages, depending on the situation in which they are used.

How do I rent a Portion in my house?

Using a Lease Agreement, landlords can specify that they are renting out a portion as opposed to an entire unit. With a portion rental lease agreement in place, landlords can be sure tenants understand their rights and obligations, including how much rent is, when it is due, what areas of the property they can access, and more.

Because landlords and tenants occupy the same premises, it is important that landlords discuss boundaries and expectations at the start of the tenancy, such as when a landlord can legally enter the tenant's space, what house rules are in place and how they will be enforced, how guests will be handled, and more.

During a move-in inspection, list these changes to record what damages existed prior to the tenant renting the property.

During a move-out inspection, compare the current damages to any found during the move-inspection to see if they are the fault of the tenant. It is important to note that regular wear and tear of the property is not considered at-fault damage.

Related Forms:

  • Rental Application : collect information to screen potential tenants for a rental property
  • Rental Inspection Report : inspect the state of your tenant's rental property before and after tenancy to assess any damages
  • Eviction and Lease Notices : notify your tenant with landlord notices such as Eviction Notice, Notice of Lease Violation, Notice to Increase Rent, Notice of Termination, Demand for Compliance or Possession, and Notice to Pay Rent
  • Rent Receipt : create proof of your tenant's rent payment for your records and theirs
  • Commercial Lease Agreement : lease a commercial space to a business tenant and include details about the rights, duties, and responsibilities of the landlord and tenant