In the United States, the Lease (Rental) Agreement serves as legal evidence that an individual (or an entity) has granted another individual (or entity) permission to occupy the premises under specific terms and conditions. The rental agreement contains personal information about the tenants, other occupants, the landlord, a detailed description of the premises, the monthly rent both parties agree upon, and further details.
There is a list of the most important definitions mentioned in the paper:
As the document is of significant importance, there are a number of conditions to keep to.
Only those tenants and occupants indicated in the document are allowed to reside in the premises, transmitting certain monetary funds to the landlord on the date mentioned in the paper every month. When they fail to do so, the landlord possesses the right to request the late fee.
Security deposit is the amount of money paid to the landlord when moving into the premises in order to keep the place protected from damage and other undesirable situations. The deposit might be used to cover the tenant’s fee when they fail to pay monthly rent or to return the premises to its original condition if needed. Under other circumstances, the deposit is paid back to the tenant within 21 days after the agreement is no longer effective.
The landlord promises to provide the tenant with the real estate fit for residency, renovate and repair the place if necessary, and keep the premises up to code.
The tenant is obliged to:
Smoking might be either allowed or prohibited on the premises depending on the landlord’s choice. There is a corresponding box to check to indicate the attitude of the landlord.
The contract may be terminated at any time. For doing so, the party that initiates termination should provide written notice. When vacating, the tenant should leave the place not later than 11:59 PM of the ending date. If the tenant stays at the premises for any longer, the lease is prolonged, and monthly payment should be transmitted.
According to the §504B.305 of the law of Minnesota, both parties are not allowed to keep unlawful substances at the place. It is prohibited to use the premises for illegal manufacture, sell, barter, or delivery of narcotics as well. Prostitution or related activities must not occur on the premises.
If the house was built before the year 1978, it might contain dangerous lead-based paint. The landlord has to provide true and correct information about the hazards they are aware of. If there have been reports concerning the issue, they should be indicated as well. Both the tenant and the private agent have to admit they have received information about this and append their signatures.
If in the course of time, the premises get totally unfit with no tenant’s neglect, the lease is ended (both landlord or tenant may initiate the end of the agreement). However, if the premises get damaged and impossible to live in through the tenant’s fault, the landlord should end the lease and give written notice to the tenant.
The premises have to be inspected before moving in and found to be in the condition described in the document. If the tenant is satisfied with the premises and the terms of the deal, while the landlord states to have no additional terms and requirements, both parties should sign the paper, affirming to have come to an agreement.