A residential lease is an official document that contains every minute details of a residential lease signed between two parties, legally termed as the lessor and the lessee, for a certain interval of time or for a longer span, in cases of ownership residential lease. The framework of a lease document needs to be compact and clear on the areas of terms and conditions, since they have legal issues associated with them. A residential lease mainly refers to leasing of a certain property for residential purposes. There may be various factors differentiating one residential lease from another, but the basic structure on which the outline of a residential lease depends is almost similar in terms of its most essential components.
A residential lease should necessarily involve the name of the proprietor or land owner as well as the name of the buyer or tenant. This type of a lease may be signed for various purposes, such as renting a flat for residential purposes, taking a short-term or long-term residential lease, leasing a flat for occasional residential purposes, etc. The lease, irrespective of its purpose or specific nature, should comprise of the following essential characteristics:
- The identification number of the particular residential lease, as per official records, should be mentioned.
- The residential lease should have the name, identification and contact details of both the parties – the lessor and the lessee.
- The date(s) of commencement and termination of the lease should be given properly and the entire validity period should be provided.
- All terms and conditions of the residential lease are to be stated in a clear and concise manner, ensuring that it is made understandable to both the parties. The approval of the clauses must be validated with authentic signatures that form an important part of the document.
- The restrictions to the use of the residential property must be stated beforehand and penalties discussed alongwith.