A tenant lease is a document that records and registers the terms and conditions on which the renting of a particular piece of property is agreed upon. It is a contractual document that is legally binding and must therefore, be framed with all cautiousness and care. It is an essential document as it serves as evidence in case of any breach of contract on part of either lessor or lessee. A tenant lease is particularly formulated in case of deals involving property and renting.
- A tenant lease must outline all the essential information concerning both parties correctly and clearly to avoid any discrepancies. Necessary attested copies must be submitted.
- The date of activation of the lease and the date of termination must also be clearly mentioned implying thereby the duration of the lease’s validity.
- The nature and scope of the payments involved must also be lucidly elaborated. Monthly rent charges, charges for damage if any and security deposits must be clearly specified to ensure complete clarity especially in these matters which is where most contention arises.
- The deed must be signed by both the lessor and the lessee for it to be legally binding and also as proof of both partied agreeing to the clauses contained within the document.
The advantages of a tenant lease are the transparency it entails and the total knowledge of the terms and conditions on part of both the lessee and the lessor. Any breach of contract then will be purely intentional and cannot be justified by lack of awareness.