About the One Page Lease Agreement Template
Lease agreements are usually more prolonged, intimidating, and painful to accomplish for all parties involved. While it may be beneficial to have extensive documents, especially for commercial lease agreements, sometimes, one only needs to have a straightforward one-page document.
What is a Lease Agreement, and in What Situation Do You Need One?
A lease is basically a contract that outlines the terms under which one involved party agrees to rent property owned by the other party. The agreement demands the duties of each party effect and keep the deal and is enforceable by each. When a tenant decides to use a property in a specific period, the conditions and other demands from the landlord and a tenant must be documented through a lease agreement. A lease agreement is typically used in situations including residential, commercial, or sublease agreements.
Benefits of Using a One Page Lease Agreement
A one-page lease agreement allows the involved parties to prioritize significant terms of the contract. All the conditions laid out in one page ensure a more straightforward understanding between parties and immediately refer to the document, limiting confusion. Also, this type of lease makes it approachable for tenants to sign the contract, which gives property owners a higher chance of getting the deal over their competition.
How to Secure a Lease Using A Simple Lease Agreement Template?
To come up with a clean and simple lease agreement, there are three things one needs to consider:
- Inspection. It is always ideal to have potential tenants inspect the property before signing any agreement. This is to set reasonable expectations of the property before making any commitments. The tenant can also look for someone they know to inspect the property if unavailable. Suppose this option is also not feasible; a virtual tour/inspection can also be a good alternative.
- Application. Once the tenant is satisfied with the inspection, they must complete the rental application, either printed or online. Included in the lease application of prospective tenants are their rental history, income status, references, and identification. This is to prove that tenants can pay the lease and take care of the property.
- Lease Agreement. If the property owner is satisfied with the tenant's application, it is time to create and send them the one-page lease agreement, including the necessary terms and conditions of the rental agreement. It's also in this stage to negotiate the terms ensuring both parties have discussed and exercised all considerations before signing the contract.
FAQ About Our One Page Lease Agreement
Does One Need a Lease Agreement, or Can They Use Email as Proof?
An email can still be used as the basis of an agreement. However, a lease agreement is legally binding, making every party accountable for what was agreed upon. While deals done through emails are still beneficial, it is still ideal to do it legally to avoid the risk of the tenant and landlord acting negligently with each other, which can trigger potential loss of assets and income and nasty disputes.
Can I Create My Own Lease Agreement?
The easy answer is yes. However, it is still recommended to consult with a professional like a lawyer or licensed real estate agent. This ensures that you will not miss out on any essential terms. One can also use a one-page lease agreement template here. This template is reviewed correctly by proofreaders and legal experts.
What's the Difference Between a Rent Agreement and a Lease Agreement?
Rentals and lease agreements are often used interchangeably to refer to and mean the same thing. While these two contracts are legally binding, both have distinct and very different purposes. A lease agreement is a legal deal between a tenant and a landlord t which gives the latter the right to live in a property for a fixed long period, generally covering a 6-12 month lease period.
The evident difference between a rental agreement and a lease agreement is the length of the contract. A rental agreement typically offers tenancy for a shorter duration, usually thirty days. A rental agreement is referred to as month-to-month and is automatically renewed at the end of each term unless otherwise noted by the landlord or the tenant.
What should I include in a Lease Agreement?
Several important information is seen on a one-page lease agreement, including the lease's duration, the name of the parties involved, the amount, the property to be leased, the purpose of the lease and restrictions, and fixtures included in the leased property.
Glossary of Lease Agreement Terms
Landlord (lessor)
A landlord owns a property and rents or leases it to the other party in exchange for lease/rent payments. They can be businesses, individuals, or other entities. A few of the responsibilities of a landlord are to provide the necessary repairs and maintenance for the rent duration. They also have the right to collect payments and implement prearranged late fees. Also, a landlord's real estate portfolio may include multi-family homes, condominiums, empty lots and land, vacation properties like villas and cottages, and commercial properties.
Tenant (lessee)
A tenant rents a unit from a landlord for a predetermined rent period. Tenants basically do not own the unit, but they have rights set out by law and a legally signed agreement called a lease. While using the property, tenants are responsible for the cleanliness and the general upkeep of the rented property.
