What Are Some Of The Major Provisions In Rental Lease Agreements?

In any real estate transaction, an agreement or contract is needed to ensure legality. In such cases, the contract is known as a Rental Lease Agreement – which binds the tenant and the landlord. In this case, the landlord can be a person designated by the real owner for property management. Or he can be the owner himself. Rental Lease Agreements & Contracts inform tenants about all the important rental terms and conditions that specify the rights and responsibilities of both parties. Know about some of the major provisions in such agreements. For more information about getting a rental lease agreement in Alabama, please visit this website.

Lease premises

It indicates the real estate property in question, and specifies its address or location.

Names of parties

The agreement mentions the names of the tenant and landlord in full, along with their signatures.

Length of stay

It specifies the date when a tenant begins to occupy the property, and the date or termination.

Terms of lease

It means how much a tenant can make use of a property while living in it.

Condition of the property

This part mentions whether or not the condition of the property is good, or whether it has any defect.

Security deposit

It means the security deposit amount that has to be submitted, and also mentions the conditions that it would be returned with.

Rental payment

This is the total rent amount that has to be paid by the tenant every month to the landlord.

Late fees

This is the penalty amount that landlords tend to charge if tenants fail to make timely rent payments.