A Rental Lease Agreement is a legal binding between a lessee(tenant) and a lessor(landlord), where the tenant agrees to pay the landlord the agreed amount as rent for the use of the landlords said property for the time agreed in the lease term.
There are different types of lease agreements namely
These are better explained in the Types of Rental Lease Agreements.
Every State has their own law for real estate property leasing but mostly they are common for all the states. Some of the common laws are as follows.
- A general fixed term lease usually is for 12 months, and when either party wants to end the lease a 30 to 60 days written notice needs to be given.
- The security deposit if any paid before the lease should be returned by the landlord when the lease ends within a time decided by both the parties and mentioned in the agreement.
- Subleasing the property is allowed only if a written permission of the landlord has been taken and the landlord has agreed to allow the sublease.
- The responsibility of paying the rent on time to the landlord is of the tenant even if the property is subleased to another tenant.