Standard Real Estate Lease Agreement (buying)

What goes in a standard lease agreement?

Whether you are a tenant or a landlord you must keep everything related to the lease of the real estate property documented and properly tracked. The standard real estate lease agreement (buying) can help you keep all the records in one place. This agreement helps you not only protect your rights but also makes you aware of your obligations as a buyer.

The signing of the lease agreement by both the parties makes sure that there remains no misunderstanding between the landlord and the tenant regarding the rules and regulations of the lease. The agreement must contain the following important elements

• The duration for which the lease is valid
• The names of both the parties
• The amount that is payable as rent to the landlord by the tenant
• Determining the responsibility of the utilities
• Guests and pets policies
• The provision of penalties on late payment of the rent
• The security deposit and its fate
• What will be the action in case of early termination of the lease
• In case of any damage to the property what will be the responsibility of the tenant
• The privileges that will be extended to the tenant such as parking facility or access to the gym

The document may also have attached the drawing of the property that is being rented out. Also the landlord will have to make repairs in the property to keep it habitable whereas the tenat will be required to keep the property neat and clean.

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Standard Real Estate Lease Agreement

This Agreement made this        day of           , 20      is between                        (hereinafter referred to as “Management”) and
hereinafter referred to as “Resident”).  Management rents to Resident, and Resident rents from Management, property located at:

Address:                        City:               , State:   GA  , Zip:           , the full legal description of which is the same as recorded with the Clerk of the Superior Court of           County, and is made a part hereof by reference (hereinafter referred to as the “Property”), under the following terms and conditions:

1. TERM:  The initial term of this Agreement shall be for    12      months beginning on the        day of                  ,
and terminating at 12 noon on the         day of               , 20     .  This Lease shall automatically extend at the option of the Resident in accordance with the extensions provided in the Option Agreement of even date for same property.

2. RENT:  Rent in the amount of                     Dollars   ($        )  is due monthly in advance, on the  First day of each and every month until this Agreement is terminated.

Rental payments shall be sent to this address:                                   Management can change this address by providing new address to Resident in writing at least 30days prior to the change.  Checks shall be made payable to:
.

3. POSSESSION: Rental unit and keys shall be made available to Resident by the first day of this lease period. If Management is unable to make unit available on the first day of this lease period, then rent will not be due from Resident until unit and keys are made available. If unit is not available within            days of the beginning of the lease period, then Resident shall have the right to deem this entire  Agreement null and void, and shall be due a refund of any rent and security deposit paid as full liquidated damages.

4.TIME IS OF THE ESSENCE:  Time is of the essence with this Agreement.

5.  EARLY RELEASE AND/OR RETURN OF PROPERTY:  Resident may be released from the obligation to pay the rents contained herein, as of the last day of a rental month, before the expiration of the initial term or any extensions by:
(a)      Giving Management a minimum of sixty (60) days written notice, plus
(b)      Paying all monies due through date of release, plus
Paying an amount equal to one month’s rent as a release fee, plus
Returning Property in a clean, undamaged condition.

6.  CONDITION:  Management shall ensure that property is clean, and free of any and all trash, rubbish, garbage, and personal belongings prior to releasing property to Resident. Management shall further ensure that all appliances, heating and air conditioning system, plumbing and electrical systems are all in good working order. Management shall make any repairs to property prior to the beginning of this lease term.  Resident accepts Property in its present AS-IS condition and acknowledges that Resident has been given a list of any existing damages to Property, given the right to inspect same, and has approved said list except as previously specified in writing to Management.  Resident acknowledges receipt of the Property listed in the Rental Inspection Report At Move-In and accepts the Property in the condition as listed.  If the Resident shall find the conditions not as listed or listed incorrectly, Resident shall deliver to Management a written statement of the discrepancies within seven (7) days after taking possession.

7.  MAINTENANCE, REPAIRS:   Resident acknowledges that the premises are in good order and repair, unless otherwise indicated herein.  Resident shall, at his own expense, and at all times, maintain the premises in a clean and sanitary manner, including all equipment and appliances therein and shall surrender the same, at the termination hereof, in as good condition as received, normal wear and tear excepted.  Resident shall be responsible for all regular maintenance and repair to the property. Management shall be responsible for repairs to roof, heating and air conditioning system, plumbing and electrical systems. Resident agrees to contact Management at   (     )                             to report any items that need repair for which Management is responsible.

8.   ALTERATIONS:  Resident shall not make, or allow to be made, any alterations, installations, repairs or redecoration of any kind to the Property without prior written permission of Management, provided, however, that notwithstanding such consent, Resident agrees that all alterations including, without limitation, any items affixed to the Property, shall become the property of Management upon the termination of this Agreement.

9. UTILITIES:  Resident is responsible for transferring all utilities into their name and for payment of all utilities, to include water, sewage, garbage collection, cable TV, electricity, gas, local telephone service.

10. INSURANCE:  Management shall maintain at Management’s expense, a fire and damage insurance policy on said property during the entire term of this lease. Resident shall not be held responsible for fire, flood, water, sewer, acts of God or nature, vandalism, or other similar damages to said property.

11. LEAD-BASED PAINT:  Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards
[  ] Applicable [  ] Not applicable

Lead Warning Statement
Housing built before 1978 may contain lead-based paint. Lead from paint, paint chips, and dust can pose health hazards if not managed properly. Lead exposure is especially harmful to young children and pregnant women. Before renting pre-1978 housing, lessors must disclose the presence of known lead-based paint and/or lead-based paint hazards in the dwelling. Lessees must also receive a federally approved pamphlet on lead poisoning prevention.

Lessor’s Disclosure
Presence of lead-based paint and/or lead-based paint hazards [check (i) or (ii) below]:
(i)      Known lead-based paint and/or lead-based paint hazards are present in the housing. Explain:

(ii)        Lessor has no knowledge of lead-based paint or lead-based paint hazards in the housing.
Records and reports available to the Lessor [check (i) or (ii) below]:
(i)       Lessor has provided the Lessee with all the available records and reports pertaining to lead-based paint and/or lead-based paint hazards in the housing (list documents below).

(ii)        Lessor has no reports or records pertaining to lead-based paint and/or lead –based paint hazards in the housing.

Lessee’s Acknowledgement (initial)
(c)            Lessee has received copies of all information listed above.

(d)            Lessee has received the pamphlet  Protect Your Family from Lead in Your Home

Agent’s Acknowledgement (initial)
(e)            Agent has informed the lessor of the lessor’s obligations under 42 U.S.C. 4852(d) and is aware of his/her responsibility to ensure compliance

Certification of Accuracy
The following parties have reviewed the information above and certify, to the best of their knowledge, that the information they have provided is true and accurate.

Lessor:                        Date        Agent                    Date

Lessee                        Date        Lessee                    Date

12.  ASSIGNMENT OR SUBLETTING:  Resident may sub-let Property or assign this Agreement without the prior written consent of Management.

13.  FIRE OR CASUALTY DAMAGE:  If the Property is made uninhabitable by fire or other casualty, repairs shall be made with reasonable expediency by  Management. Any rents for the period that the property is un-inhabitable shall be abated. This Agreement may be terminated at the sole discretion of the Resident should the property experience fire or other casualty.

14. INDEMNIFICATION:    Management shall not be liable for any damage or injury to resident, or to any property, occurring on the premises, or any part thereof, or in common areas thereof, unless such damage is the proximate result of the negligence or unlawful act of Management, his agents or employees.  Resident agrees to hold Management harmless from any claims for damages, except for injury or damages for which Management is held legally responsible. Management agrees to hold Resident harmless from any claims for damages caused by acts of nature or those beyond the control of Resident.

15. DEFAULT:    In the event of a default by either party of any of the terms herein contained, the non-defaulting party shall be entitled to all remedies under law, reasonable attorney’s fees and court costs.

16.  CROSS DEFAULT:    If Management and Resident have entered into any other agreements concerning Property and Management defaults on any provisions of those agreements, then this Agreement shall also be considered in default and, at the option of Resident, this Agreement may be voided.

17.  REMEDIES CUMULATIVE:  All remedies under this Agreement or by law or equity shall be cumulative.  In the event that either Management or Resident brings legal action to enforce the terms hereof or relating to the rental Property, the prevailing party shall be entitled to all costs incurred in connection with such action including reasonable attorney’s fees.

18.   NOTICES:  Any notice required by this Agreement, except as otherwise set forth shall be in writing and shall be deemed to be given if delivered personally or mailed.
(a)    If to Resident, to
(b)    If to Management, to the address listed in Item #3, unless Management previously advised in writing of change of address, in which case  this new address must be used.

19.  INDEMNIFICATION:   Management shall not be liable for any damage or injury to Resident, or any other person, or to any property, occurring on the Property, or any part thereof, or in common areas thereof, unless such damage is the proximate result of the negligence or unlawful act of Management, his agents, or his employees.  Resident does hereby indemnify, release, and save harmless Management and Management agents from and against any and all suits, actions, claims, judgments, and expenses arising out of or relating to any loss of life, bodily or personal injury, property damage, or other demand, claim or action of any nature arising out of or related to this Agreement or the use of this Property and premises.

20.  SEVERABILITY:   In the event that any part of this Agreement be construed as unenforceable, the remaining parts of this Agreement shall remain in full force and effect as though the unenforceable part or parts were not written into this Agreement.

21.  GENDER:   In all references herein to Resident herein employed shall be construed to include the plural as well as the singular, and the masculine shall include the feminine and neuter where the context of this Agreement may require.

22. HEIRS, ASSIGNS AND SUCCESSORS:    The provisions, covenants and conditions of this Lease shall bind and inure to the benefit of the heirs, legal representatives, successors and assigns for each of the parties hereto.  Resident shall have the right to assign,  transfer or encumber this Lease or any part thereof, without written notice to Management.

23.  SPECIAL STIPULATIONS:    The following stipulations shall control in the event of conflict with any of the foregoing:

IN WITNESS WHEREOF, the parties hereto have caused these presents to be signed in person or by a person duly authorized, the day and year above written.  If this Agreement is not signed by all the Residents named herein and/or on rental application, the one(s) signing warrants that he or she has the authority to sign for the Other.

RESIDENT:                                    SSN:                                    Date

RESIDENT:                                    SSN:                                     Date

MANAGEMENT:                 Date

Rental Inspection Report At Move-In

Address:                                 Date:

Resident and Management have jointly inspected the property prior to Resident moving in and taking possession. This list is a complete and total list of any damages noted. Resident shall have a total of five (5) days to advise Management in writing of any other damages or required repairs noted. After that date, Resident accepts responsibility for any damages and repairs required, normal wear and tear excepted.

Area
Items Noted

Interior
Inspected

Exterior Walls

A/C and Heat Operating

Exterior Doors

Kitchen

Exterior Paint

Appliances Operating

Lawn

Refrigerator Coils Clean

Shrubbery

Sink – No Leaks

AC Compressor ClearCorner Boards

Bath – Master

Interior Doors

Sink

Interior Walls

Drains

Interior Paint

Tub/Shower

Living Room

Toilet

Master Bedroom

Bath – Guest

Guest Bedroom

Sink

Guest Bedroom

Drains

Guest Bedroom

Tub/Shower

Smoke Detectors Work

Toilet

Any Other Items Noted:

Resident agrees that no other problems currently exist with the property.

Inspected By:                          Resident Signature:

Rental Inspection Report At Move-In

Address:                                 Date:

Resident and Management have jointly inspected the property prior to Resident moving in and taking possession. This list is a complete and total list of any damages noted. Resident shall have a total of five (5) days to advise Management in writing of any other damages or required repairs noted. After that date, Resident accepts responsibility for any damages and repairs required, normal wear and tear excepted.

Area
Items Noted

Interior
Inspected

Exterior Walls

A/C and Heat Operating

Exterior Doors

Kitchen

Exterior Paint

Appliances Operating

Lawn

Refrigerator Coils Clean

Shrubbery

Sink – No Leaks

AC Compressor ClearCorner Boards

Bath – Master

Interior Doors

Sink

Interior Walls

Drains

Interior Paint

Tub/Shower

Living Room

Toilet

Master Bedroom

Bath – Guest

Guest Bedroom

Sink

Guest Bedroom

Drains

Guest Bedroom

Tub/Shower

Smoke Detectors Work

Toilet

Any Other Items Noted:

Resident agrees that no other problems currently exist with the property.

Inspected By:                          Resident Signature: