The Residential Rental Lease Agreement is one through which the owners of a residential property lease out his apartment or bungalow to the tenant on rent. The lease is designed to rent the residential property which cannot be used for any commercial purposes. This lease agreement is also useful in case of multiple tenancies where in more than 1 tenants are involved in leasing of the residential property.
The Residential Rental Lease Agreement must consist of mutual agreed terms by both lessor and the lessee. The details about the rent and property are also mentioned in this document along with the details of lessor and lessee.
Sample Residential Rental Lease Agreement
The Residential Rental Lease Agreement has been created between the following parties:
- Lessor: Mr. Kane Decussate
- Lessee: Linda Zane
This is in effect of the residential apartment located at House No-98, 9th Floor, Roland North Avenue, Toronto Canada which is been leased out for the period of 1 year from 4th January 2010 to 4th January 2011.
Duration of Lease: 1 year
Date of Commencement of the Lease: 4th January 2010
- The lessee has opted to take the apartment on rent as a sole tenant of the residential property.
- The lessee would provide the initial deposit of $ 5560 with a regular monthly rent of $556 of the rented property.
- In case of any damage to the property lessee will bear the 60% cost of all the repairs.
- The entire security deposit is refundable after the termination of the lease.
- After the completion of the lease period lessee will renew the agreement with the consent of the lessor.
- Lessor has agreed to rent the residential property in fully furnished form with all the basic amenities to the lessee.
- In case the rent is not paid by the 15th of every month the lessor can call for the dispossessory warrant to evacuate the property from the lessee.
Signature of Lessor :
Signature of Lessee :