A Fixed Term Lease Agreement is the most commonly used lease type. In this type of lease the duration of the tenancy is fixed, and when the term ends you may renew it for another term or choose to make the lease a Month-to-Month lease.
In this lease the tenant and the landlord both agree to carry on their responsibilities for the agreed lease term period. In most cases when this type of a lease is terminated by the tenant, he is liable to pay the landlord some compensation as decided and agreed to in the terms of the lease before signing it.
This type of lease should only be made when the Tenant wishes to stay in the said premises for a long time or as specified in the lease terms.
Typical Example of a Fixed Term Lease
Mr Foreman needs an apartment on rent as he gets a new job which has a contract of 2 years. Since his job contract is for a term of 2 years and considering he would not want to break the job contract wishes to find an apartment on rent for the similar term so he may approach a landlord and get into a Fixed Term Rental Lease as per his requirements.
How to Write
- Enter date of writing the agreement.
- Then specify the name of landlord, tenant, and physical address of the property.
- Enter the date of commencement and ending of the lease agreement.
- Enter the amount of monthly rent.
- Enter the landlord’s address for remitting rent.
- Enter the grace period in days, amount of the late fee and additional charges per day on the respective lines.
- Enter the amount of bad check charges.
- Enter security deposit amount. Then indicate the number of days in words and figure on both spaces reserved for the same.
- Specify amount of cleaning fee.
- Specify number of days to declare tenant’s abandonment.
- Provide information about proposed occupants like number of primary tenants, children, and other family members.
- Enter lockout charges on both lines.
- Enter the name and address of the management company on the respective lines.
- Specify the amount of non-refundable application fee.
- Enter the date of execution of the lease agreement in the required format.
- The tenant must date and sign the agreement.
- The landlord must date and sign this contract.