A rental lease agreement is paperwork of the conditions built within a relationship which exists between a lessor (also called landlord) and lessee (also called tenant). This paperwork is the documented sample of an agreement, summarised and presented in a concise content. As it is a complex task and requires immense persistence, indulgence, brainpower and scrutiny during its conception, help must be taken from advocates of law. They are professionals who are able to put down the conditions and clauses just as the way the parties want and the way they verbalise their wants by adapting it into the legal language.
The type of rental lease agreements may not be fixed and cover any product like house, vehicle, article and anything under the sun which can be physically transferred from one party to another or the parties can occupy the ownership right of it for a temporary time period in exchange of payments or other provisions. It must be fully ensured that there is no disparity in the opinions of the parties after signing the bond. The document is laid out in a terminology accepted in court and the stipulations have to be read by both before moving on.
The main considerations to be made in this are as follows that serve certain functions:
- The personal information of the parties forms the basis of the lease. The names, residential and office locations, phone or other contact numbers and occupational background must be provided in the lease to lessen the chances of a dispute arising out of it.
- The lease specifies the mode and time of payment transactions whether the rentals would be paid via cheque or cash and whether the payments would be made monthly, quarterly or weekly.
- The laws governing the termination of the lease and its relation with the payment have to be mentioned in this context as this area of the lease triggers a great deal of confusion when the parties wish to extend or contract the term.
- The lease must be broken down into its constituent conditions customised for each type of situation to give complete assurance against property damage, item loss, unauthorised possession and bankruptcy with proper measures.
- The Fair Housing Act in US is one measure that ensures fairness among all tenants in terms of age, race, gender, religion and impairment. However, the required documents pertaining to one’s income, identity and citizenship have to be enclosed.