Rental Property Lease Contract is the lease document that explains all the legal obligations of lease for a rented property. This agreement contains the details of the rented property along with the details of lessee and lessor. In this rental property lease agreement the lessee (user) agrees to pay a fixed amount of rent to lessor (owner) for the use of rented apartment.
Rental property lease contract can also be used for multiple tenancies where more than one tenant agrees to take up the property or apartment on rent. The mutually agreed terms and conditions are mentioned in this rental property lease contract.
Sample Rental Property Lease Contract
The rental property lease contract has been created between the following parties:
- Lessor: Mr. Fredrick Rodger
- Lessee: Tia Smith
This is in effect of the residential apartment located at House No-34, 12th Floor, Ring road North Avenue, Toronto Canada which is been leased out for the period of 1 year from 14th February 2010 to 14th February 2011.
Duration of Lease: 1 year
Date of Commencement of the Lease: 14th February 2010
- The lessee has opted to take the apartment on rent and she has declared that she would be the single tenant in that house.
- The lessee has agreed to pay a rent of $335 per month and in the beginning of the contract she would also pay a security deposit of $3350 to the lessor.
- Lessor has agreed to rent out the property with all the basic facilities like furnishing, electronic equipments and other household items.
- In case of more than 15 days delay in paying the rent the lessor can ask the lessee to vacate the apartment according to the contract law.
- Lessee would be responsible for paying 60% of the repair cost in case any kind of damage is caused to the rented premises or the facilities offered on rent.
Signature of Lessor _____________
Signature of Lessee _____________