A free residential lease refers to any legal document or contract available free of charge created by the landlord or tenant, whereby the former leases to the latter a house for a particular duration and in return for a monthly rent. The owner of the house has the right to add some terms and conditions which must be followed by the tenant and the landlord must also be responsible and take care of any major repairs to ensure that the house is habitable. The lease must contain the names of the two parties, the rent amount to be paid, the security deposit, notice period and duration of the lease. Depending on the state in which the lease has been created, there can be a few additional special terms.
Sample Free Residential Lease:
The residential lease contract has been made on March 14, 2012 by the owner of the property mentioned below. The owner, John Buck, shall henceforth be referred to as the landlord, and Gary Jones, to whom the house has been leased, will be called the tenant.
- Property Address: 332 Lighthouse Road, San Francisco
- Rent per month: $1,200
Terms and Conditions:
- The house shall be used by the tenant only for residential purposes
- The tenant must pay the rent plus the utilities bills within the first 3 days of every month or will be fined $50
- A refundable security deposit of $5,000 will be paid by the tenant to the landlord
- A 30-day notice must be given by both parties
Signature (Landlord): Date: March 14, 2012
Signature (Tenant): Date: March 14, 2012