What Is a Mississippi Lease Agreement?
A Mississippi lease agreement is a contract that is used to lay down the terms and conditions of a lease that has been made in the state of Mississippi. This contract is created between the person who gives the property on rent and the person who rents it out from him (known as the lessor and lessee respectively). It is imperative to have the details of the lease in a written form and hence this agreement must be created. It is important that the agreement is in compliance with Mississippi landlord-tenant laws.
When Do You Need a Mississippi Lease Agreement?
It is recommended to create this agreement whenever any property is leased out in Mississippi. The purpose of the agreement is to safeguard the interests of the lessor and to protect the mississippi renter’s rights. Hence this agreement is drawn up for a lease relating to a residential, commercial or any other kind of property.
A Mississippi residential lease agreement is made when a residential property is leased out. You can use the Missipi Lease Agreement if
- You as a landlord wish to lease a residential property to a tenant and want a formal record for the same.
- You seek to rent a room to a tenant and need a residential lease agreement.
- You would like to formalize an already existing landlord-tenant relationship.
Inclusions in the Mississippi Lease Agreement
The Mississippi lease must include all the important clauses.
- It must provide details about the lessor and lessee so that they are adequately identified.
- The date on which the lease will commence and the date on which it will expire must be stated clearly.
- The most important clause is the amount of rent that is payable by the lessee and the date by which it must be paid each month.
- The amount of security deposit that must be paid is also part of the contract. Under the laws of Mississippi, there is no maximum limit on the security deposit.
- It must provide details on maintenance and repairs
- Inspection rights, stating that the landlord reserves the rights at all reasonable times to inspect the property for improvements. The tenant shall make the property available to the landlord for the purpose of the same.
- The agreement must have signatures of both the parties
The contract must mention the type of property that is being leased and the description of the same. It is imperative that the contract lays down the responsibilities of both parties. In case there is any dispute with respect to the terms of the property, the agreement must mention how such disputes will be resolved.
How to Draft a Mississippi Lease Agreement?
You must consider the following while drafting a residential lease agreement in Mississippi:
- The agreement must be drafted in such a manner that each detail important to the transaction is included in the contract.
- The agreement must not leave any room for doubt as to the intention of the parties and the purpose of the lease.
- The agreement should be signed by the parties.
Benefits of the Mississippi Lease Agreement
The following are the benefits and drawbacks of this agreement:
- A huge benefit of this agreement is that it serves as evidence of the fact that the property has been leased to the lessee.
- The contract is important to protect the rights of both parties.
- It also provides solutions in case there is a breach of the contract by either party.
- Getting the proper signatures and personal guarantees help verify whether a legal entity actually exists or not. You also are aware of its good standing, or if you are merely dealing with an unincorporated association.
- Through this agreement, a party might be able to secure an option i.e., to purchase the leased property as a part of the deal to enter into a lease agreement.
Key Terms in the Mississippi Lease Agreement
The key terms in a Mississippi lease are as follows:
- Purpose of the lease
- Description of the premises
- Lease term
- Rent amount
- Amount of security deposit
- Maintenance of property
- Events of default
- Remedies for events of default
- Termination of agreement
What Happens in Case of Violation?
In case the lease agreement is breached by the lessee, the lessor can serve a notice to him and state that the breach must be cured within a particular period of time. If this is not done by the lessee, the lessor can terminate the agreement and take back possession of the property.
Sample Mississippi Lease Agreement
You can download a Mississippi residential lease agreement pdf here.