Understanding a Lease Agreement
What Is A Lease Agreement?
A lease agreement is a contract signed between the landlord and the tenant of a property. The lease agreement secures the conditions of the lease made between the landlord and the tenant.
What Is In The Lease Agreement?
- Details of the tenant and the landlord
- Description and address of a the property involved
- Agreed rent to be paid (and the potential escalation)
- Period of the lease and when the rent is to be paid
- The deposit and the conditions that it has
- Respective duties of the landlord and the tenant
- Responsibilities of the payment of rates and bills and any other moneys that need to be paid.
- A list of existing defects with the property.
- Rules and conditions of occupancy.
- A list of the contents of the property.
The Deposit
Your lease agreement will state whether or not you need to pay a deposit. The deposit is normally paid before you move into the property and is separate to your usual rent payments.
The deposit is to a means of covering the eventuality that there is any money still owed to the landlord, be it in repairs or rent owed.
Duties Of The Landlord
Unless stipulated otherwise in the lease agreement, the landlord will
- ensure that the property is available on the agreed date of occupancy;
- ensure that the property is in the condition that you agreed upon;
- not disturb you during your occupancy or enter your property without permission;
- be responsible for the maintenance of certain parts of your property.
Duties Of The Tenant
Unless stipulated otherwise in the lease agreement, the tenant will
- pay the rent on time;
- take care of the property being rented over the duration of the lease;
- leave the property in the same condition as when you entered it.
Now that you know what is involved in a lease agreement, get further advice for landlords.
Alternatively, get more advice on renting or start looking for rental property.
