When it comes to renting out a condominium unit, a lease agreement is an essential document that outlines the terms and conditions of the rental agreement. A well-drafted lease contract helps to protect the landlord and the tenant`s interests, ensuring a smooth and hassle-free rental experience.
Here is a sample lease contract for a condominium unit that you can use as a guide.
This Lease Contract (“Agreement”) is made and entered into on [Date], by and between [Landlord Name] (“Landlord”), residing at [Address], and [Tenant Name] (“Tenant”), residing at [Address].
The Landlord agrees to lease to the Tenant the condominium unit located at [Address] (the “Premises”).
2. Term of Lease
The initial term of the lease shall be [Number] months, commencing on [Start Date] and ending on [End Date]. The Tenant may renew the lease for an additional term of [Number] months by providing written notice to the Landlord 30 days before the end of the lease.
The Tenant agrees to pay the Landlord [Rent Amount] per month, due on the [Rent Due Date] of each month.
4. Security Deposit
The Tenant shall pay a security deposit of [Security Deposit Amount] to the Landlord, which shall be refundable within [Number] days after the termination of the lease, provided that the Tenant has fulfilled all obligations under this Agreement.
5. Use of Premises
The Tenant shall use the Premises for residential purposes only and shall not use the Premises for any illegal or commercial purpose.
6. Maintenance and Repair
The Tenant shall maintain the Premises in a clean and orderly condition throughout the lease term and shall make repairs for any damages caused by the Tenant or their guests. The Landlord shall be responsible for repairs caused by normal wear and tear.
The Tenant shall keep no pets in or on the Premises without the prior written consent of the Landlord.
The Tenant shall not sublet the Premises or assign this Agreement without the prior written consent of the Landlord.
Either party may terminate this Agreement by providing written notice to the other party at least 30 days before the termination date.
10. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the state of [State], and any dispute arising out of this Agreement shall be resolved in accordance with the state laws.
In conclusion, a lease agreement is a crucial document that outlines the terms and conditions of a rental agreement between a landlord and tenant. This sample lease contract for a condominium unit can be used as a guide and tailored to meet specific needs. It is essential to ensure that the lease agreement complies with the state laws and covers all aspects of the rental agreement.