A lease form is a pre-built layout used at the beginning of the leasing process. This form enumerates the involvement of the two parties, the property that is being leased, the details regarding the usage of the lease and the responsibilities and obligations of both the leaser and the user. This is created by the leaser in order to record the necessary details involved in leasing the property. The form covers all aspects whether it is the time period, mode of payment, emergency provisions and legal requirements of both parties.
The lease form should be created by a professional to ensure that all points are covered. The document must be easy to understand and all details should be filled correctly by both parties. This is also a legal record that might be used for future purposes. There are essential points that need to be covered while creating a lease form:
- The details of the parties involved in the process of lease process have to be defined essentially at the very onset.
- The description of the premise or the property to be leased should be mentioned in details.
- The property management is to be stated where the current manager of the property (that is the user) should be mentioned.
- The time period of the lease should be stated. The beginning date and the termination date should be mentioned explicitly. In case of failure to vacate and/or return the property, the necessary legal actions will be taken.
- The rent details must be mentioned. The mode of payment, the rent increase after a certain period of time and the rent incentive should be specified.
- The rules of usage should be mentioned and a security deposit needs to be made for the process of leasing.
- Finally, provisions for security of tenure and the notice to quit should be stated as well.