What Is a Wyoming Lease Agreement?
The Wyoming Lease is the legal document specifying the obligations of the landlord and tenant that decide to sign a property deal. This legal agreement clarifies the terms and conditions that each party has to follow until the closing date of the contract.
It stipulates the general conditions such as deposit amount, contract term, address of the property, restrictions, penalty, monthly rental payment, and more.
When Do You Need a Wyoming Lease Agreement?
The Wyoming Lease is signed by the landlord (owner of the property) and tenant (the person leasing the property for a specific period) to ensure that all the activities are executed according to the law. The lease contract is drafted and signed by both parties.
The contract is needed when a tenant plans on leasing the commercial property or residential property for a specific duration. The landlord drafts this agreement and specifies the term of the contract, payment, security deposit, and certain restrictions. The main purpose of the Lease Agreement is to avoid future conflicts and ensure a legal deal between the landlord and tenant.
Inclusions in the Wyoming Lease Agreement?
A standard Wyoming state lease agreement template contains the following terms
- Term: Under this section, the start and end date of the contract is specified.
- Name and Address: Name of the parties signing the contract and their contact information. It also includes the address of the property.
- Payment terms: Under this section, the total rent payment, security deposit, and separate payment for the utilities should be mentioned. You must also add a clause stating the late payment fee.
- Obligations: This section includes the duties of the tenant until the contract termination date.
- Description of the property
- Disclosures about the health and safety hazards
- Disclosures about hazardous materials like lead in paints, asbestos etc
- List of utilities that are paid for by the landlord
- List of utilities that the tenant must pay for by himself
- The time period within which the landlord must respond to calls by the tenant
- Restrictions on the use of the property
- Restrictions on the activities in the property
- Terms regarding pets and smoking
- Duration of the lease
- Compliance certificates from various departments
- Rights of inspection by the landlord
- Right of quiet possession
- Assignment and subletting
How to Draft the Wyoming Lease Agreement?
To draft a perfect Wyoming lease, including these terms in the contract:
- The legal name of the landlord and tenant
- The commencement and closing date
- Prepaid rent and the total rental amount the tenant has to pay every month
- Address of the property
- The clause stating all the restrictions
- The utilities the tenant has to pay for separately such as electricity bill, Wi-Fi, etc.
- The penalty for violating any clause
- Make sure that the agreement complies with your state’s landlord-tenant laws
- Late payment fees
- Rights of inspection
- Security deposits
- Type of lease
- Restricted activities on the rental property
Benefits of the Wyoming Lease Agreement
- The contract lays out all the obligations the tenant has to follow during the contract period. It helps them plan their use of the property accordingly.
- The contract ensures that the tenant uses your property without causing any damage or violating any clause.
- The landlord gets additional revenue through renting it out
- The tenant is assured of his right of quiet possession of the property
- The landlord can be assured of the safety of his property so that he gets it back as he gave it
- Compliance certificates show that the landlord has concern towards the tenant
Key Clauses in Wyoming Lease Agreement
- It specifies the utilities the tenant has to pay for.
- The late fee the tenant has to pay should they delay the rental payment.
- Total rental fee the tenant must pay every month.
- It includes the deposit clause specifying the security deposit amount.
- Policy on pets, redecoration and smoking
- Policy on sub-letting the premises
- Restriction on the activities that can be done in the house.
- Right of inspection of the landlord
- The schedule for payment of the rent and the mode of payment
What Happens in Case of Violation?
Should the tenant fail to abide by the mentioned terms and conditions, the contract will be terminated and the tenant will be subject to penalty. Failure of payment, inability to follow the clauses and misuse of the property can lead to contract violation. The parties may approach the court of law for restitution, specific performance or injunctive relief.
A lease agreement in the state of Wyoming is not very different from lease agreements in the other states. It only varies by disclosures. Having a lease agreement is beneficial for every party because it secures their rights.
Sample Wyoming Lease Agreement
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