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Provide the address and street number of the property or individual unit you're renting out. It may also help to include a description of the property, particularly if that description affects ownership or legal rights. For example, if you're renting a condominium, you typically should identify it as a condo. Condominium ownership rights are different from rights to other property. If there are zoning restrictions that might impact the rental or your tenant's usage of the property, include those here as well. After describing the property that is the subject of the lease, provide your name and the name of the person who will be renting the property from you. If you've organized your rental business as a corporation, LLC, or other business entity, provide the name of the business rather than your own name. If you're creating a form that you intend to use multiple times, you can leave a blank for the names and fill them in later depending on the circumstances. Residential leases typically last for a year, although they may be as short as 3 or 4 months or even last for several years. Provide the duration of the lease as well as the specific dates during which it will be in effect. Your jurisdiction may have laws specifying a minimum or maximum duration for residential leases. Make sure the length of your agreement is in compliance with local laws. Provide the amount of rent and the date on which it is due. Most leases include a grace period of a week or so for the tenant to pay the rent however, a grace period typically isn't legally required. You might also include acceptable methods of payment. Some cities have rent control ordinances that determine the maximum amount of rent you can charge for certain types of residences. Deposits must be used to repair damage to the rental unit or returned to the tenant at the end of the lease. The deposit money you take must be protected, usually by keeping it in an escrow account that earns interest. Specify when any unused deposit will be returned to the tenant after they've vacated the property. Under some laws, you must return any unused deposit within a specific period of time, typically 30 to 90 days after the tenant vacates the property. Some places have laws that limit the amount of money you can charge as a deposit. Check the law that applies to your property to make sure you're not requiring a larger deposit than is allowed. Typically, 1 or 2 months' rent is considered a reasonable deposit amount. Having specified the rent, list late fees and penalties in the event the tenant doesn't pay the rent on time. Include notices you'll send to the tenant regarding late rent, and when you will file for eviction for unpaid rent. This portion of the lease is heavily dependent on eviction law in your jurisdiction. In many places, the law states specifically how many notices you must give the tenant before you can begin eviction proceedings, and how much time you must give them to pay. You may want to set the lease to automatically renew unless the tenant gives you advance notice that they are moving out. On the other hand, you may require your tenant to give you advance notice that they want to renew. Reserve the power not to renew the lease, unless a local ordinance forbids it. Include a clause that specifically states you reserve the right not to renew the lease for any reason, or no reason at all. Notice of 30 days is typically sufficient to end or renew a 1-year lease. If the lease is longer, you may want to require more time. For example, a 2-year lease might require 60 days notice.
Identify the property covered by the lease. List the parties to the agreement. Set the length of time the agreement will be in effect. Specify the rent to be paid and when it is due. State the amount of any deposits or fees. Describe the consequences of late payment. Include provisions for renewing or ending the relationship.