Since we require all of our tenants to agree to a lease, sometimes we are asked how important the leasing process really is. We wanted to address all of those concerns up front, so we’ve compiled a list of frequently asked lease questions.
- Who does a lease benefit?
Both parties are protected by a lease. The landlord and the tenant both reap the benefits of a written document that details explicitly the terms of the tenant’s residency. In the instance of a dispute, the lease can be used as a legal document. This prevents the argument from becoming a two-sided battle of he said, she said.
- What issues can a lease address?
Besides outlining the most basic terms of the tenant’s residency such as length of stay and monthly rent fees, a lease should address more specifically the expectations of each party. Some examples of this include the limit on number of people living on the property, which party will pay for utilities, the landlord’s pet policy, and the access that the landlord has to the property. Additionally, some find it helpful to address the more delicate issues that can sometimes arise in their lease such as who pays for the attorney’s fees should a legal dispute regarding the interpretation of the lease arise.
- How does a lease differ from a rental agreement?
Typically, a lease is used for tenant residencies lasting more than 6 months, but it is possible to have shorter leases as well. By comparison, a rental agreement is usually used for residencies of about 30-90 days. They can be renewed at the end of each month, which essentially makes them “month-to-month” agreements.
At Drake Properties, we feel that leases are a good way to keep both parties on the same page throughout the rental process. Please contact us today for any further questions regarding leases and rental agreements.