The Best Way To Make a Lease Agreement
Making a lease agreement or any other type of legal document is challenging for most people. Hiring a lawyer might seem like a good choice, but it’s no secret that they can be super expensive.
If you’re not sure how to write a contract, DoNotPay is here to help. You won’t have to spend ages looking for a contract template online since we will help you draw up a lease agreement in a few clicks.
What Is a Lease Contract?
A lease agreement—popularly known as a lease—is a contract between a landlord and a tenant, which is created to define the rental terms. It can be residential and commercial. Every lease agreement is a legally binding document designed to protect the interests of both parties.
While each lease agreement is different, all of them should define the basic expectations, such as:
- Rent amount
- Duration of the lease
- Pet policy
- Payment method
- Security deposit amount
- Sublease policy
- Lessee and lessor’s names and signatures
Residential leases usually last for one year. If a tenant wants to continue renting the place after the lease expires, he or she needs to sign a new agreement. Commercial lease agreements are more complex and usually valid for up to ten years. There are four types of commercial leases, based on cost responsibility:
|Commercial Lease Types||Who Pays Property Taxes?||Who Pays Insurance?||Who Pays for Maintenance?|
Is a Lease Agreement the Same as a Rental Contract?
While lease and rental agreements regulate the same aspects of the rental, these two terms shouldn’t be used as synonyms. A lease is a long-term contract, while a rental agreement usually lasts for a month. The rental contract is renewed each month automatically until the tenant decides to move out.
You should choose a rental over a lease agreement if you or the tenant prefer having an option to change the terms at the end of every month.
If you still can’t decide between the lease and rental agreement, the following table contains the pros and cons of both contract options:
The Consequences of Breaking a Lease Agreement
If a tenant fails to honor a lease contract, he or she could face serious consequences, including lawsuits. Tenants can get a derogatory mark on the credit report, which means that they will have difficulties renting a new property. A lessee who needs to break the contract should negotiate with the landlord before doing so. Lessors often allow tenants to break the lease to avoid looking for new lessees.
Every lease should include an early termination clause to allow tenants to request contact termination without consequences. The clause would protect the tenant in case the landlord doesn’t fulfill the obligations under the lease.
Can You Draw Up a Residential Lease Agreement Yourself?
Many landlords want to avoid hiring a lawyer to save money. That’s why they search for free lease agreement templates to make the contract. While you can probably find lease agreement forms online, making this type of contract on your own is risky.
Leases need to contain many important terms to ensure both parties are equally protected. If you choose to draw up a lease agreement yourself, you risk forgetting to mention crucial clauses, some of which could be required by your state’s laws. Since you can’t change the terms of the lease until it expires, you’ll have to wait for at least one year before including the forgotten clause(s).
Draw Up Your Lease Agreement the Easy Way—With DoNotPay
If you want to draw up a detailed lease contract without having to waste money on a lawyer, DoNotPay offers a solution. Thanks to our feature, you can generate an unlimited number of legal documents for a low monthly fee.
Since each state has different rules regarding lease agreements, DoNotPay will adjust your contract to the state’s laws. To create a lease agreement in a few clicks, follow these steps:
- Sign in to DoNotPay
- Type in the name of the document you want to create in the Search field
- Answer our chatbot’s questions
What Other Contracts Can DoNotPay Draw Up?
A lease agreement isn’t the only contract we can help you draw up. DoNotPay can assist you in creating various documents, including:
- Bill of Sale
- Non-Disclosure Agreement
- LLC Operating Rules Document
- Independent Contractor Agreement
- Non-Compete Agreement
- General Business Contract
- Intent to Purchase Real Estate
- Quitclaim Deed
- Estoppel Certificate
- Prenuptial Agreement
- General Affidavit
- Parenting Plan (Child Custody)
- Child Care Authorization Form
- Prenuptial Agreement
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