What is in lease agreement? That is an excellent question, and if you have never seen a lease agreement don't worry, you are not alone. For those just now moving for new job, change of business or sell their business to the third party there is no time like now to become familiar with a lease agreement.To this end we will walk through sample a lease agreement and highlight the major contents found within the lease-assignment-agreement. Thus it is important that you understand how a Lease Transfer works and what you should expect to be included in the lease agreement.
If you are a tenant or Lessee, your lease agreement probably contains a clause prohibiting you from letting someone else take over the lease without the landlord's consent. This is to protect the landlord from suddenly having new tenants.tenants who may or may not make timely rental payments.
If you go ahead and move someone else in to your rented property without the consent of the landlord or Lessor you will more than likely be in breach of contract and could end up in court. If in doubt, read your lease. But even if the lease allows such a transfer, it is in your best interests to obtain your landlord's signature on an LEASE AMENDMENT by Lessee with Consent of Lessor.
WHY? Even if your lease allows you to let other people move into the property without your landlord's consent which is doubtful, you will retain full responsibility for rent payments and property condition. If the new people don't pay, guess what? If the new people trash the house, causing thousands of dollars of damage, guess what? The landlord will come after YOU. You, after all, are the one who signed the lease.
The only safe and secure answer is to use the form: Assignment of Lease by Lessee with Consent of Lessor. You will no doubt need to provide your landlord with the same kind of information about the incoming party that he or she required of you.
To make it easier to follow along and truly understand the contents of a lease agreement it is advised that you follow the sample lease agreement. This is a simplified example of a lease agreement offered.
Party to the Lease-- The first part of a lease agreement will almost always state the two parties that are involved in the binding agreement. Normally these two parties are referred to as the Landlord and the Tenant.
Property-- Of course, the lease agreement must specifically state the location of the property that is being provided by the Landlord and leased to the tenant. As the example shows, there will usually be a spot for the mailing address of the location. This section also includes a provision to state any and all furniture and appliances that are being included in the lease agreement.
Rent-- The RENTAL/ LEASE AGREEMENT would be severely lacking if it didn't includ terms for the monthly payment as well as the date on which the payment is due.
Term-- The term of the lease agreement refers to the period the property will be occupied and paid for by the tenant. Typically this will include wording that states the term starts on Jan 1, 2XXX and ends on Dec 31, 2XXX. Commonly this section of the lease agreement includes a lease option to extend the period of occupancy. The tenant's lease option might allow him/her to extend the lease another six months.
Utilities/Services-- The lease agreement should outline who pays for what. Some Landlords will pay for everything, while others will make the tenant foot the actual costs for utilities and services.
Deposit-- Most landlords will require a deposit upon signing the lease agreement equaling one months rent. This provides the Landlord some insurance should you try to skip out on your last months rent or damage the property. However, if you leave the apartment in good condition and your account is paid in full, then you should receive most if not all of your deposit back in the form of a check via the mail a few weeks after moving out.
To know more click here: Lease Assignment Agreement
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