A "residential rental agreement" is a contract under which the owner of an asset (the "lessor" or "landlord") allows the occupation of the property by a party (the "lessee" or "tenant") under various terms and conditions set forth in the residential rental agreement. Landlords will rent out apartments to a tenant under a residential rental agreement, allowing the tenant to occupy the premises for a monthly rent for a fixed period of time. The key terms of residential rental agreements typically include:
The property being rented
The amount of the rent
The security deposit
The term of the residential rental Aareement
Covenants of the lessee to maintain the property
Termination rights of the lessor
Dispute resolution mechanism
Any additional payments required of the lessee (such as for utilities)
A residential rental agreement is also referred to as a residential lease. A sample residential rental agreement can be found at www.LegalAgreements.com.