An Oklahoma lease agreement is a written contract between the landlord of a commercial or residential property and the tenant. The agreement defines the responsibilities and obligations of each party, including the rent and other costs that the tenant must pay each month for the duration of the lease.
When Do You Need Oklahoma Lease Agreement
You will need a lease agreement in Oklahoma if you intend to lease a property. The agreement should clearly reflect the terms and conditions of the lease, so that each party is aware of their obligations and responsibilities and hence, there is no scope for dispute in the future.
Purpose of Oklahoma Lease Agreement
The landlord and the tenant negotiate the terms and conditions of the lease. So, the purpose of the Oklahoma lease agreement is to protect the rights of both parties under the prevailing laws in the state. It is designed to prevent conflicts at a later stage.
Inclusions in Oklahoma Lease Agreement
Besides the boilerplate clauses, some of the inclusions in Oklahoma lease agreement include the following:
- Names and addresses of the landlord and tenant
- Details of the rental property and the address
- Monthly rental payment
- Security deposit that the tenant has to pay
- Tenant’s rights and obligations
- Landlord’s rights and obligations
- Terms for termination of the lease
- Terms for eviction notice
- Disclosure by the landlord about potential hazards or liabilities on the rental property
How to Draft Oklahoma Lease Agreement
It is essential that the Oklahoma lease agreement comply with the landlord-tenant laws in the state. While drafting Oklahoma lease agreement, ensure the following are included in the agreement:
- Mention the legal names of the owner and tenant
- State the physical address of the property, including the city and the zip code
- Description of the property
- Start and end date of the lease agreement
- Rent the tenant should pay each month
- What happens if the tenant does not pay rent? Oklahoma has five-day notice to quit due to non-payment of rent
- Amount of security deposit
- Restrictions if any
- Legal usage of the property
- Whether subletting is permissible
- Utilities to be paid by tenant and landlord
- Disclosure by the landlord about hazards
- Consequences if the lease is broken
Pros and Cons of Oklahoma Lease Agreement
Some of the advantages of Oklahoma lease agreement are:
- Protects the rights of the landlord and tenant
- Ensures each stakeholder knows their obligations
- Prevents misuse of the property
- Provides the landlord with additional income
The disadvantages of Oklahoma lease agreement include:
- Landlord can give five-day notice to quit the premises
- Landlord can begin legal eviction process after five days
- Rent can fluctuate based on prevailing real estate market
- Both tenant and landlord have to maintain property as stated in the lease agreement
Types of Oklahoma Lease Agreement
There are primarily two types of Oklahoma lease agreement. They are as follows:
- Standard Lease Agreement: This lease agreement in Oklahoma is for a duration of 12 months
- Month-to-Month Lease Agreement: This lease agreement changes from month-to-month based on the agreed terms between the landlord and tenant.
The other types of Oklahoma lease agreement include lease to own agreement, commercial lease agreement and roommate agreement if the residential tenant is subletting.
Key Terms / Clauses in Oklahoma Lease Agreement
Some of the key terms of Oklahoma lease agreement are as follows:
- Terms, Conditions and Covenants: The duration of the lease, the five-day notice to vacate and the law under which the lease has been prepared
- Rent: The amount the tenant has to pay each month
- Legal Use: The purpose of the tenancy
- Tenant’s Responsibility: The things that the tenant has to do during the lease period
- Landlord’s responsibility: The things that the landlord is responsible for during the agreement period
- Landlord’s Right to Entry
- Surrender: Terms for surrendering the property at the end of the lease
- Breach of Contract: The action the landlord can take if the tenant violates the contract
- Disclosure: Landlord should disclose anything related to the leased property to the tenant
What Happens When You Violate Oklahoma Lease Agreement
If you breach the terms and conditions of Oklahoma lease agreement, the landlord will send you a notice. You would have act upon it to remedy the violation. In case you do not rectify the breach, the landlord is within their rights to terminate the agreement and ask you to vacate the premises.
Download Oklahoma Lease Agreement Sample
If you are looking to understand how to draft an Oklahoma lease agreement, or you want to become aware of the terms and condition, you can download a sample here.
Sample Oklahoma Lease Agreement
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