Lease Agreement

Lease Agreement


Last Modified: August 2010

A lease agreement is a contract specifying the terms and conditions of occupancy. Use a lease agreement to rent your residential home, apartment or condo.  State-specific lease forms document the agreement between landlord and tenant and protect the landlord in the event of a lease violation.

A lease agreement obligates both the landlord and the tenant for a set period of time, called the lease term. The term of a lease agreement is usually one year, while the term of a rental agreement is month-to-month or less. Though a verbal lease agreement is legal, most states require a lease for a term longer than one year to be in writing. In addition, a verbal lease can be difficult to enforce.

Lease agreements create a relationship between the landlord and tenant called a tenancy. The lease agreement creates the tenant's right to possession, referred to as a leasehold interest. In contrast, while a lease provides protected rights to possession, a licensing agreement would entitle the licensee to occupy the property subject to termination, at will, by the owner.

If the terms of a lease agreement are violated, the landlord can seek to evict the tenant. Eviction is the removal of a tenant from leased property, the requirements of which are governed by law.  To begin the eviction process, a landlord must serve the tenant with an eviction notice, usually a lease violation notice or pay rent or quit notice. A good lease agreement will contain up-to-date language allowing the shortest time to evict.

A properly constructed lease agreement is a key element in protecting your property. It can be the difference between getting stuck with a problem tenant or having a path of legal recourse.

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