What is Massachusetts Lease Agreement?
Massachusetts Lease agreements are generally considered as rental agreements or contracts between the landlord of the property and the tenant who are otherwise called as lessor and lessee, respectively. The Massachusetts Lease agreement is a legal document that provides the required terms and conditions regarding the payment of utilities, rent, security deposit, payment in a month that have been agreed upon. As mentioned, it is a legal document that binds both the parties in the contract until the completion of the date of the contract.
When is a Massachusetts Lease Agreement Required?
A lease agreement is required in Massachusetts in case of the following cases;
- In case of hiring an apartment or accommodation to live in Massachusetts for a specified time
- In case of leasing a residential house in Massachusetts
- In case of a person is a tenant already but has not signed any lease agreement in Massachusetts
Moreover, lease agreements help to overcome the dispute between the lessor and lessee in an appropriate manner without any hassle. In case of a severe dispute between the parties, the lease agreement works as evidence to resolve such type of dispute and helps to settle the dispute amicably, ensuring the conduct of both the parties during the entire contract tenure.
How to Draft a Massachusetts Lease Agreement?
The following are the details of the process of drafting a lease agreement in Massachusetts:
- Mentions the names and address of the landlord, tenant along with their permanent and present address and telephone numbers
- A brief description regarding the leasing property along with the description of the geographical area
- Mention the amount of rent, late fee charges, due date, grace period and penalties applicable if any
- Description and details of the facilities and amenities provided in the property
- Details of the Rules and Regulations regarding the conduct of the tenant during his/her stay in the property
- Policies and rules related to pets
- Details of maintenance charges
- Details of Restrictions and prohibition
- Rules in respect of car parking
Types of Massachusetts Lease Agreement
In Massachusetts, there are two types of the lease agreement the details whereof are mentioned below;
- Capital Lease
- Operating Lease
Capital Lease is also called a financial lease. In this lease, the lessor wants all the obligation and rights as the legal owner of the leasing property, where he has to mention the property as an asset in his balance sheet with regard to the correspondence of a liability.
Operating Lease is also known as service lease. In this lease, the lesse gets all the rights and obligations of ownership of the leasing property for a particular period of time. But, it is to be noted that the tenant or lesse cannot show the property as his asset in the balance sheet with regard to the correspondence of a liability.
What Are the Pros and Cons of the Massachusetts Lease Agreement?
The pros of the Massachusetts lease agreement has been discussed below;
- Leasing a property can fetch income for a landlord as the rental amount is generally higher than the mortgage amount.
- The leasing agreement helps to avoid a negative effect on the property at the time of low market conditions.
- Lease agreements provide a means to resolve the dispute of the landlord and tenant in an amicable manner.
- The parties entered in a lease agreement are bound for their action and conduct under the law administering body.
- The parties get what they agreed upon due to the existence of a lease agreement.
Apart from the pros, the cons of the Massachusetts lease agreement are furnished below;
- The property gets locked for a particular time period. The landlord of the property cannot use the property as per his convenience.
- Tenants do not require a lease agreement in case of a short-time stay.
- Job promotions and transfers do not provide the advantages of a lease agreement to the tenant.
Key Terms to be included in a Massachusetts lease agreement
- Name and address of the landlord, tenant, and agents in case of any
- Address of the property for which lease is required
- Amount of rent
- Amount of Security Deposit
- Duration of the Agreement
- Fees of Attorney
- Fees for Renewal if any
- Facilities and Amenities details
- Utility Expenses details
- Termination methods and process
- Rules and Regulations of the tenant conduct
- Rules and Restriction of the Society
- Maintenance expenses details
- Pet rules and policies
- Car parking facilities details if any
What Happens in case of Violation of Massachusetts Lease Agreement?
In Massachusetts, different rules and regulations are there for the violation of a lease agreement, which also based on the current scenario. In most of the cases, when a tenant violates the terms and conditions of a lease agreement, he/she can be evicted from the leasing property as per the discretion of the landlord. Apart from that, the landlord can terminate the contraction based on the violation of the agreement, which is otherwise known as a breach of contract. The tenant can be sued by the landlord for not performing the promise made by him as agreed in the contract or agreement.
Moreover, in case the landlord violates the lease agreement, the tenant can sue the landlord for forceful eviction of himself/ herself from the property without providing any justified explanation. However, there are so many ways to tackle the disputes between landlord and tenant, which completely depended upon the landlord and tenant and the scenarios.
A Lease agreement these days is considered as a legal document for leasing the property, which ensures that both landlord and tenant have their part of rights and obligations on the property during the tenure of the lease. As discussed, it has its own benefits and limitations but provides a secure and safe way to resolve any sort of dispute between the tenant and landlord legally without any hassle.
Sample Massachusetts Lease Agreement
A sample of the agreement can be downloaded from below.
Download this USA Attorney made Original Agreement for only $9.99
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