A residential lease rental agreement is a contract between a tenant and landlord, which outlines the rules, regulations and terms of the living arrangement. The tenant should abide all of the language contained within the agreement.
A rental lease agreement will state how much rent the tenant should pay to the landlord. Rent is usually due on the first of the month. Landlords will sometimes give tenants a grace period of 4 or 5 days to pay rent without being assessed a fee.
The lease agreement will designate the time frame for the lease. A lease is usually in effect for one year, but that can vary. The beginning date and ending date is clearly spelled out in a lease agreement.
The landlord will make known, within the confines of the agreement, the requirements for the security deposit. A security deposit is usually required in case the property is damaged. If a tenant leaves the premises before the end of the lease agreement, the security is forfeited, unless an another arrangement can be worked out between the tenant and landlord.
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