Lease Agreements: By Type (6)
|Standard (1-year) Lease Agreement – The most common type of residential lease, a standard lease agreement is a fixed-term rental arrangement between a landlord and tenant.
|Commercial Lease Agreement – This agreement allows landlords to rent out commercial space to businesses.
|Month-to-Month Lease Agreement – Used by landlords and tenants who agree to an at-will rental arrangement with monthly payments.
|Rent-to-Own Agreement (Lease Option) – An agreement that gives the tenant the option to buy the property after they have resided in the unit as a tenant.
|Roommate Agreement – An agreement between roommates that lays out terms like the division of rent and expenses.
|Sublease Agreement – Used by a tenant to rent all or a portion of a rented space to a subtenant.
Required Disclosures (4)
- CERCLIS Disclosure – If a rental property is listed in the “Comprehensive Environmental Response Compensation and Liability Information System” (CERCLIS), the landlord must disclose this fact in writing to the tenant.
- Identification – The tenant must be given a written statement that relays the property manager’s and owner’s names and addresses.
- Lead-Based Paint Disclosure (PDF) – This disclosure must be completed by the landlord and given to tenants before signing a lease agreement if the rental property was built before 1978.
- Utility Charges – Unless the tenant is solely responsible for paying utility bills, the lease must disclose how charges and payments are handled.
Maximum Amount ($) – The maximum security deposit is the equivalent of two months’ rent.
Collecting Interest – Interest on security deposits is permitted but not required. Any interest collected in the first five years of the tenancy will be the landlord’s property.
Returning to Tenant – The landlord must return the security deposit to the tenant within 30 days from the termination of the tenancy.
Itemized List Required? – Yes, the landlord must provide the tenant with an itemized list explaining any deductions made to their security deposit.
Separate Bank Account? – Yes, security deposits must be held in a separate bank account and cannot be combined with the landlord’s personal funds.
Grace Period – Tenants don’t need to be given a grace period to pay rent after its due date.
Maximum Late Fees ($) – The maximum late fees that landlords may demand are $12 per day if the monthly rent is $700 or less, or $20 per day if the rent is more than $700.
Bad Check (NSF) Fee – Landlords may charge a fee of $30 if a tenant’s check bounces. However, the tenant must be given written notice of the fee.
Withholding Rent – The tenant may recover damages caused by the landlord’s failure to fulfill obligations that affect the tenant’s health and safety.
Breaking a Lease
Tenant Maintenance – The landlord can charge the tenant for any repairs, replacements, or cleaning they caused and failed to remedy.
Lockouts – The landlord cannot take possession of the tenant’s rental unit by changing the locks or cutting off services.
Leaving Before the End Date – If the lease requires the tenant to give notice for extended absences, the landlord may hold them liable for damages if they abandon the property without notice.