Residential leases are contracts signed between owner of a property and a potential tenant who wishes to occupy the property for a period of more than eleven (11) months. Such leases are often very similar to typical short term rental agreements with a difference only duration or period of contract.
Residential leases signed for long periods of time often have clauses which are exactly the same as that of conventional rental deeds. The format followed too is pretty much the same. Some of the important clauses in a long term residential lease include-
Duration of the contract
Rent, security deposit and maintenance charges
Consequences of breaching the contract
Code of conduct expected from owner and tenant
Method to be followed in case a dispute arises
Conditions of contract renewal
Residential leases have to be drafted with care to make sure that future legal battles do not ensue between the owner and tenant. This means that the lease has to be comprehensive enough to leave no room for loopholes. LegalDesk has a near perfect, legal expert verified, pre-drafted long term residential lease. Go ahead, create one now!!!