Real Estate Rent Lease Elements

Real Estate Rent Lease Elements

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Real Estate Rent Lease Elements

The most common form of rental agreement is finalized through a real estate rent lease. A real estate rent lease is an agreement which transfers the asset and affirms its nature as tangible property. This is held separate from leases for intangible property; abstract properties such as computer programs, or use of a radio frequency.

A rental lease agreement must be given by the company or person that owns the property and it must be signed by the renter of the property. A real estate rent lease is a legal contract, and thus is enforceable by all parties under the Contract laws of the particular jurisdiction. Contact a real estate lawyer to review your case.

Since the real estate rent lease also represents a conveyance of possessory rights, it is a hybrid of sorts. Not only does it transfer property from one individual to the other, but it also contains specific clauses that must be followed. These clauses are highly specialized and will greatly vary depending on the location in question.

Regardless of clauses or specialized agreements within a real estate rent lease, the typical contract contains the following elements:

Names of the parties in the agreement

The starting date of the rental and the duration of the agreement

The real estate rent lease must identify the specific property being leased. The street address and a brief description of the dwelling are necessary.

Provides conditions for a renewal of the property

States provisions for a security deposit and the terms of its return

Should also include specific provisions detailing insurance, restrictive use, and which party is responsible for maintenance.

 

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