A Brief Introduction About the Idaho Lease Agreement
The documents that allow for an individual who is the tenant to occupy a residential property, Idaho apartment, or commercial space in exchange for payment to the owner the landlord, is called an Idaho lease agreement (Mooney, 1981). Once there is a verbal understanding between the landlord and the tenant, then the contract should be developed and signed among the parties to become legally bound.
Who Takes the Idaho Lease Agreement – People Involved
People involved in Idaho lease agreement are a landlord who wishes to rent out his space be it commercial or residential to another person who is the tenant in exchange of money. Idaho lease agreement provides certain obligations to the landlord as per the Idaho renters rights and the tenant (Mason, 1979).
Purpose of the Idaho Lease Agreement – Why Do You Need It
The purpose of the Idaho lease agreement is to set a lease form between the landlord and the tenant where the terms and conditions are specified. Such agreements are for one year. But then it depends on the situation, for instance, the number of people living in the house, how much is the rent and the security deposit, will be having a pet impact the agreement, etc. (Mooney, 1981). Idaho lease agreement identifies the validity of verbal lease for the tenants lasting less than a year or as long as both the parties have agreed on all of the terms (Mooney, 1981).
Contents of the Idaho Lease Agreement – Inclusions
Contact details – The name, address, telephone numbers of the landlord or the property owner
- Property details – Details of the property which will be rented out by the landlord. (MINUTES, 2018).
- Date – The beginning and ending dates of the agreement
- Rent – The amount of rent, its due date along with the late fee charges, should be mentioned.
- Deposit – The amount of security deposit along with the name and details of the financial institution.
- Utility and repair policy– Details related to the person who will be responsible for the house utilities, indoor maintenance, should all be mentioned.
- Policies – If in case there is any restriction related to the property like occupancy, pet allowed, or it all should be in writing. (Cook et al, 2016)
- Termination – The process that should be followed by the tenant while vacating the place.
- Signatures – Lastly, the signature of all the parties involved in this process is mandatory.
How to Draft the Idaho Lease Agreement
Drafting an Idaho lease agreement involves various steps like:-
Step 1 – Firstly, to draft the agreement, the date will be mentioned clearly along with the name of the landlord and his current address.
Step 2 – After that, the time period for which the lease will be in effect will be mentioned on the label fixed-term agreement.
Step 3 – Then comes the rental agreement section where the amount that the tenant is supposed to pay will be mentioned as per the due date.
Step 4 – The fourth step will include the information related to utilities and services that will be provided by the landlord to the tenant.
Step 5 – This section will require the address of the tenant or the landlord (Henderson, 2018).
Step 6 – This section will include the additional rent amount that needs to be paid.
The lease agreement is an essential legal document that involves two party’s landlord and the tenant. The questions and answers should be resolved via this agreement. While developing the contract, the two parties can negotiate with each other in terms of rent, late fee, extra facilities, and property maintenance.
Benefits & Drawbacks of the Idaho Lease Agreement
Benefit – The main benefit of this agreement is that everything is written and mentioned clearly along with the terms and conditions so that in future, there is no misunderstanding or confusion. This agreement benefits the lessee who is the tenant in this case by providing them access to the place which they cannot afford to buy (Colby & Young, 2018). This agreement also benefits the lessor who is the landlord in this case as he attains financial benefit by renting out his asset or property, which becomes a source of income in the future.
Drawbacks– Developing an Idaho lease agreement is not an easy task it requires a good amount of time and effort. The landlord or the tenant will have to hire a lawyer to draft the contract terms, which becomes expensive (MINUTES, 2018). Apart from this, a lot of time has to be devoted to mention the terms, conditions, and other necessary details.
What Happens in Case of Violation
The landlord may terminate by simply providing a month to month notice, which is mostly 30 days. For instance, if the tenant did something wrong like bringing pets or smoking, which was restricted (as mentioned in the agreement), then the contract can be terminated. There are various types of Idaho lease agreement which can be either related to pay rent or quit notices, which means that the tenant will either have to pay rent or vacate the space.
To lease a new place or to rent out a property to a tenant Idaho lease agreement should be used as it makes things legal and official. This document clarifies all the terms and conditions of lease contract along with the rent amount, dates of beginning and end, late penalty fees, rules to be followed, etc. The Idaho lease agreement should be taken care of before the moving in date; the local laws should be checked before determining the late fee and monthly rent along with the security deposit amount (Henderson, 2018).
Sample for Idaho Lease Agreement
A sample of the agreement can be downloaded from below.