free lease assignment agreement form

Free Lease Assignment Agreement Template for Microsoft Word

Download this free Lease Assignment Agreement template as a Word document to easily assign a lease to another party with consent from the landlord.

Lease Assignment Agreement

THIS ASSIGNMENT OF TENANCY AGREEMENT dated this [Insert date]

[Insert name] (the “Assignor”)

– AND-

[Insert name] (the “Assignee”)

A. This is an agreement (the “Assignment”) to assign a residential tenancy agreement in real property according to the terms specified below.

B. The Assignor wishes to assign and transfer to the Assignee that tenancy agreement (the “Tenancy Agreement”) dated June 11, 2020, and executed by the Assignor as tenant and by _________________________ as landlord (the “Landlord”).

IN CONSIDERATION OF the Assignor agreeing to assign and the Assignee agreeing to assume the Tenancy Agreement for the Premises, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, both parties agree to keep, perform and fulfill the promises, conditions and agreements below:

1. The Tenancy Agreement governs the rental of the following described premises (the “Premises”) to the Assignor: ______________________________________________

Assigned Tenancy Agreement

2. The Assignor assigns and transfers to the Assignee all of the Assignor’s right, title, and interest in and to the Tenancy Agreement and the Premises, subject to all the conditions and terms contained in the Tenancy Agreement.

Effective Date

3. This Assignment takes effect on June 11, 2020 (the “Effective Date”), and continues until the present term of the Tenancy Agreement expires on June 11, 2020.

Assignor’s Interest

4. The Assignor covenants that:

a. the Assignor is the lawful and sole owner of the interest assigned under this Assignment; b. this interest is free from all encumbrances; and c. the Assignor has performed all duties and obligations and made all payments required under the terms and conditions of the Tenancy Agreement.

Breach of Tenancy Agreement by Assignee

5. Consent to this Assignment will not discharge the Assignor of its obligations under the Tenancy Agreement in the event of a breach by the Assignee.

6. In the event of a breach by the Assignee, the Landlord will provide the Assignor with written notice of this breach and the Assignor will have full rights to commence all actions to recover possession of the Premises (in the name of the Landlord, if necessary) and retain all rights for the duration of the Tenancy Agreement provided the Assignor will pay all accrued rents and cure any other default.

Governing Law

7. It is the intention of the parties that this Assignment, and all suits and special proceedings under this Assignment, be construed in accordance with and governed, to the exclusion of the law of any other forum, by the laws of the State of New South Wales, without regard to the jurisdiction in which any action or special proceeding may be instituted.

Miscellaneous Provisions

8. This Assignment incorporates and is subject to the Tenancy Agreement, a copy of which is attached hereto, and which is hereby referred to and incorporated as if it were set out here at length. The Assignee agrees to assume all of the obligations and responsibilities of the Assignor under the Tenancy Agreement.

9. This Assignment will be binding upon and inure to the benefit of the parties, their successors, assigns, personal representatives, beneficiaries, executors, administrators, and heirs, as the case may be.

10. All rents and other charges accrued under the Tenancy Agreement prior to the Effective Date will be fully paid by the Assignor, and by the Assignee after the Effective Date. The Assignee will also be responsible for assuming and performing all other duties and obligations required under the terms and conditions of the Tenancy Agreement after the Effective Date.

11. There will be no further assignment of the Tenancy Agreement without the prior written consent of the Landlord.

IN WITNESS WHEREOF the Assignor and Assignee have duly affixed their signatures under hand and seal on this [Insert date]

SIGNED BY THE ASSIGNOR

_____________________________ Assignor: _________________________

in the presence of (Name of witness) _______________________

(Signature of witness) _____________________________

SIGNED BY THE ASSIGNEE _____________________________ Assignee: _______________________

in the presence of (Name of witness) ___________________

(Signature of witness) _______________________________

CONSENT OF LANDLORD

The Landlord in the above Assignment of Tenancy Agreement executed on [Insert date] consents to that Assignment. The Landlord also agrees to the Assignee assuming after [Insert date] the payment of rent and performance of all duties and obligations as provided in the Tenancy Agreement. Dated: [Insert date]

Landlord: _________________________

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Free Lease Assignment Agreement Template

A Lease Assignment Agreement or Assignment of Lease is a legally binding contract between a lessee (assignor) and a new tenant (assignee). It can be used for commercial or residential properties. Tenants use this document to pass their contract obligations to a third party if they need to exit a lease early. Such a situation may occur if a tenant must relocate or shut down a business before the lease ends.

The landlord (lessor) is typically not a party to this new contract. However, the assignee must meet the terms of the original lease. In specific cases, the landlord must sign a consent to allow a tenant to assign the lease, and some may want to vet the assignee before consenting.

The Lease Assignment Agreement outlines the terms of the agreement, assigns responsibilities for breaches, and documents each party’s acceptance.

Let’s discuss how this document works and how you can create yours.

Who Needs A Lease Assignment?

Lease assignments are used by commercial or residential tenants to “sell” a lease to another person. If they cannot assign the lease, the tenant must pay rent for a space they aren’t using until the agreed-upon period is complete. However, they may pass the lease if they find a willing tenant.

The new tenant is known legally as the assignee, and the original tenant is the assignor. Assigning a lease frees you to a great extent because the landlord knows someone else has taken your place.

Lease Assignment is different from subletting a premise. In a sublease, the tenant creates a different contract, which may include a different rent amount. However, the relationship between the tenant and landlord remains the same as in the signed lease. The tenant is responsible for collecting and remitting payment to the landlord and ensuring no breaches occur.

The Role of the Landlord in a Lease Assignment

The landlord rightly expects that a tenant stays responsible for their lease until it expires. However, because of constant changes, they may anticipate a tenant wanting to exit a lease early. Therefore, many lease agreements include provisions for possible assignments.

Even when a lease agreement does not have such a provision, the tenant can negotiate a deal with the landlord. Depending on your jurisdiction, the original lease sometimes contains language requiring that the landlord not unreasonably object to a lease assignment.

Still, some landlords may want to vet the new tenant like they did the first. If your landlord decides to screen the new tenant as they did with you, they may review the following information:

• Financial status: This is especially important to the landlord if you pass on rent responsibility to the new tenant. The landlord will want proof that the assignee will make on-time payments. Checking the new tenant’s finances works in your favor because most leases will hold you accountable for missed and late payments even after you assign the contract to another person.
• Restrictions on modifications and activity: The landlord may need to know beforehand if the new tenant intends to make significant alterations to the property. If they think the proposed changes are too extensive, they may deny you permission to assign the lease. The same applies to changes in use.
• Likelihood of compliance: To determine whether the assignee will comply with the lease, a landlord may require references by former landlords.

Many landlords avoid the extra work, preferring that you remain liable. Therefore, you need to choose a trustworthy tenant and ensure they understand their obligations and responsibilities regarding the lease.

Information to Include in a Lease Assignment Agreement

Ensure your lease assignment agreement contains all necessary information so that it releases you of as much responsibility as possible.

The Type of Lease

State whether the lease is for a commercial or residential property.

Personal Information

The lease should have the names, addresses, and other information about the assignor, assignee, and landlord.

Include the physical address of the property to identify it. You may also include the size and other descriptions.

Length of the Assignment

The length of the assignment is the time left on the lease. Afterward, the new tenant may enter into a new contract with the landlord to continue using the premises. Include the effective and end dates of the assignment.

Liabilities

Outline your liabilities. Although you are exiting, your name stays on the original lease. Discuss with the assignee and the landlord to determine which liabilities you are keeping and how breaches will be resolved.

Date When You Signed the Original Lease

It’s essential to include the date the original lease took effect. Remember that the terms and conditions of that lease apply to the assignment.

Landlord’s Consent

Sometimes, the landlord’s permission to assign a lease is included as a section in the assignment agreement. However, many use a separate document to obtain the landlord’s consent and then attach it to the assignment agreement.

Unless both parties sign the contract in agreement, it remains void.

You generally do not need to include the details of the lease agreement, but the new tenant needs a copy to determine whether they agree to its terms before signing the assignment.

Easy Legal Docs has created an adaptable Lease Assignment Agreement template to get you started. Landlords, tenants, and other businesses find our collection of legal documents versatile and easy to download for free when they need them.

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Lease Assignment Agreement Template

Below you can see a sample of the Lease Assignment Agreement template:

Lease Assignment Agreement FAQs

What is a lease assignment agreement.

A Lease Assignment Agreement is a legally binding contract between a lessee (assignor) and a new tenant (assignee). It can be used for commercial or residential properties. Tenants use this document to pass their contract obligations to a third party if they need to exit a lease early. Such a situation may occur if a tenant must relocate or shut down a business before the lease ends.

Is the tenant liable for breaches after assigning a lease?

It depends on the terms of the assignment. If the landlord releases you of responsibility, then the assignee is liable. However, if the original lease holds you liable, the landlord may pursue you and the assignee for compensation.

What is the difference between a sublease and a lease assignment?

Assigning a lease transfers ownership of an existing lease. The assignee takes the tenants' place in the lease. Subletting requires creating a separate contract between a tenant (sublessor) and a subtenant (sublessee). In a sublease, the lease agreement with the landlord remains in place, so the tenant is still responsible.

Are there alternatives to lease assignment?

If you don't have the option to assign because your landlord denies it or the lease prohibits it, check whether the contract has a "Break Clause" and the requirements for getting out early. Alternatively, you may sublet the property to another person.

Can an assignee assign a lease?

How many times a lease is assigned depends on the landlord. Leases that span a decade or more may go through several assignments in their lifetime. The conditions set in the first agreement determine whether an assignee may pass responsibilities to a new person.

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Legal Templates

Home Real Estate Lease Agreement Assignment

Lease Assignment Template

Updated October 8, 2024 Written by Josh Sainsbury | Reviewed by Brooke Davis

A lease assignment is a legal document that facilitates the transfer of lease rights and responsibilities from one party (the assignor) to another (the assignee). It ensures clarity, legal enforceability, and efficiency by including critical details such as lease type, property location, and information on the assignor, assignee, and landlord, along with the original lease term and transfer start date.

Obtaining landlord consent is crucial in this process. A well-crafted lease assignment template can protect all parties’ rights, streamline the process, and prevent future disputes.

Essential Clauses in a Lease Assignment

To create a comprehensive lease assignment, include these essential clauses:

• Parties Identification: List all parties involved—assignor (original tenant), assignee (new tenant), and landlord.
• Property Details: Specify the property address and relevant details.
• Effective Date: State when the assignment takes effect.
• Rights and Obligations Transfer: Outline the rights and responsibilities being transferred, including rent and maintenance.
• Landlord’s Consent: Include a clause requiring the landlord’s consent for validity.
• Assignor’s Continuing Liability: Clarify any ongoing liabilities for the assignor.
• Indemnification Provisions: Protect the landlord against potential losses from the assignment.

Download: PDF or MS Word

How to Transfer a Lease

Transferring a lease—whether residential or commercial—ensures a smooth legal transition of leasehold interest from the assignor to the assignee. The process may vary by local laws and lease terms but generally involves the following steps:

Step 1: Review the Original Lease Agreement

• Check for Clauses: Carefully read the original lease to identify any clauses related to subletting or assignment. Some leases prohibit or restrict the ability to transfer the lease.
• Understand Conditions: Note any conditions that must be met for a transfer, such as obtaining the landlord’s consent.

Step 2: Obtain Landlord Consent

• Written Request: Write to the landlord asking permission to assign the lease. Include reasons for the assignment and information about the prospective assignee.
• Landlord’s Response: Wait for the landlord’s response. Landlords can refuse to assign the lease, but some jurisdictions may require them to have a reasonable cause for denial.

Step 3: Find a Suitable Assignee

• Screen Candidates: Finding a reliable assignee for residential and commercial leases is essential. Conduct interviews and consider running credit and background checks to ensure they can meet the lease obligations.
• Negotiate Terms: Discuss the terms of the lease assignment with the assignee, including any continuing liability you might have.

Step 4: Draft a Lease Assignment Agreement

• Include Essential Information: The lease assignment should detail the responsibility transfer, including all parties’ identities, the property details, the effective date, and any specific rights and obligations being transferred.
• Landlord’s Consent: The agreement should include a clause for the landlord’s consent, which is crucial for the assignment’s validity.

Step 5: Sign the Lease Assignment Agreement

• All Parties Sign: The assignor, assignee, and landlord should all sign the lease assignment agreement to make it legally binding.
• Keep Copies: Ensure each party receives a copy of the signed agreement for their records.

Step 6: Notify Relevant Parties

• Inform Stakeholders: Notify any relevant parties, such as utility companies or service providers, about the lease transfer. This step might be more pertinent in commercial leases where services and utilities are more complex.

Step 7: Finalize the Transfer

• Transfer Security Deposits: Arrange to transfer any security deposits to the assignee, if applicable.
• Update Lease Records: The landlord may need to update lease records to reflect the new tenant’s information.

Frequently Asked Questions

Why would a tenant assign their lease.

Tenants often opt for a lease assignment to exit their lease obligations before the term ends, especially if they face financial difficulties and the landlord does not permit subleasing. This transfer fully hands over the tenant’s lease to another party.

How Do Lease Assignments Differ From Lease Transfers?

The term “assignment” refers to the legal act of transferring property or rights from one individual to another. In contrast, “transfer” generally means arranging for ownership or control of something to be legally taken over by someone else. 

Can a Landlord Refuse to Assign a Lease?

Yes, a landlord can refuse to assign a lease unless prior consent is obtained. Reviewing your lease agreement for any clauses regarding lease assignment is essential. If it’s not addressed, securing written approval from your landlord to transfer the lease to someone else is crucial.

Who is Liable in a Lease Assignment?

In a lease assignment, the assignee assumes responsibility for adhering to the lease terms, taking over the assignor’s obligations.

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This residential lease assignment is between , an individual (the " Original Tenant ") and an individual (the " New Tenant ").

On or about , the Original Tenant and (the " Landlord ") entered into a lease agreement (the " Lease ").

The Lease covers the property located at , , , and more particularly described as follows: (the " Premises ").

Under section of the Lease, the Original Tenant is permitted to assign its interest in the Lease, with the consent of the Landlord.

The Original Tenant wishes to assign to the New Tenant's his or her rights in, and delegate all of his or her obligations under, the Lease, and the New Tenant wishes to accept this assignment.

The parties therefore agree as follows:

1. ASSIGNMENT.

The Original Tenant assigns to the New Tenant of all his or her rights in, and delegates to the New Tenant all of his or her obligations under, the Lease. This transfer will become effective as of (the " Effective Date "), and will continue until the present term of the Lease ends.

2. ASSUMPTION OF RIGHTS AND DUTIES.

After the Effective Date, the New Tenant shall assume all rights and duties under the Lease, including the obligation to pay rent under the Lease when it is due.   The Original Tenant will have no further obligations under the Lease   The Original Tenant will remain bound to the Landlord under the Lease, notwithstanding the assignment . However, the Original Tenant remains responsible for obligations accruing before the Effective Date.

3. REIMBURSEMENT.

On or before the Effective Date, the New Tenant shall pay to the Original Tenant, which is the sum of:

• (a)  the security deposit held by the Landlord under the Lease; and
• (b)  the rent or other deposits paid in advance by the Original Tenant for any period after the effective date of this assignment.

4. INDEMNIFICATION.

• (a) The Original Tenant shall indemnify the New Tenant from all damages, liabilities, expenses, claims, or judgments (including interest and reasonable attorneys' fees) (collectively, "Claims" ) arising out of the Original Tenant's failure to perform his or her obligations under the Lease before the Effective Date.
• (b) The New Tenant shall indemnify the Original Tenant from all Claims relating to the Lease, except if those costs arise from the Original Tenant's failure to perform his or her duties under the Lease before the Effective Date.
• (c) The New Tenant shall indemnify the Original Tenant from all Claims attributable to the acts or omissions of the New Tenant or his or her agents, contractors, or employees with respect to the Premises or any activities on the Premises. This indemnification will survive the termination of the Lease and this assignment.

5. CONTINUING EFFECTIVENESS OF LEASE.

This assignment is made on the understanding that all other terms of the Lease remain in full effect, including the prohibition against further assignments and subleases without the Landlord's express written consent.

6. ORIGINAL TENANT'S REPRESENTATIONS.

The Original Tenant represents that he or she:

• (a) has the power and authority to enter into and carry out this assignment;
• (b) has not previously assigned his or her rights under the Lease;
• (c) is the lawful and sole owner of the interests assigned under this assignment;
• (d) the interests assigned under this assignment are free from all encumbrances;
• (e) except for the Landlord and the Original Tenant, there are no parties in possession or occupancy of the Premises or any part of them, and there are no parties with possessory rights on the Premises or any part of them; and
• (f) has performed all obligations and made all required payments under the Lease.

7. CONDITION OF PREMISES.

The New Tenant has examined and inspected the Premises and accepts them "as is" and in its present condition with all faults. Except as provided in this assignment, the Original Tenant makes no representations, covenants, or guaranties about the status, nature, or condition of the Lease or the Premises.

8. INTERPRETATION .

In interpreting the language of this assignment, the parties shall be treated as having drafted this assignment after meaningful negotiations. The language in this assignment will be construed as to its fair meaning and not strictly for or against either party.

9. GOVERNING LAW .

• (a) Choice of Law. The laws of the state of govern this assignment (without giving effect to its conflicts of law principles).
• (b) Choice of Forum. Both parties consent to the personal jurisdiction of the state and federal courts in County, .

10. AMENDMENTS.

No amendment to this assignment will be effective unless it is in writing and signed by a party or its authorized representative.

11. COUNTERPARTS; ELECTRONIC SIGNATURES.

• (a) Counterparts. The parties may execute this agreement in any number of counterparts, each of which is an original but all of which constitute one and the same instrument.
• (b) Electronic Signatures . This agreement, agreements ancillary to this agreement, and related documents entered into in connection with this agreement are signed when a party's signature is delivered by facsimile, email, or other electronic medium. These signatures must be treated in all respects as having the same force and effect as original signatures.

12. SEVERABILITY.

If any one or more of the provisions contained in this assignment is, for any reason, held to be invalid, illegal, or unenforceable in any respect, that invalidity, illegality, or unenforceability will not affect any other provisions of this assignment, but this assignment will be construed as if those invalid, illegal, or unenforceable provisions had never been contained in it, unless the deletion of those provisions would result in such a material change so as to cause completion of the transactions contemplated by this assignment to be unreasonable.

13. NOTICES.

• (a) Writing; Permitted Delivery Methods . Each party giving or making any notice, request, demand, or other communication required or permitted by this assignment shall give that notice in writing and use one of the following types of delivery, each of which is a writing for purposes of this assignment: personal delivery, mail (registered or certified mail, postage prepaid, return-receipt requested), nationally recognized overnight courier (fees prepaid), facsimile, or email.
• (b) Addresses. A party shall address notices under this section to a party at the following addresses:
• If to the Original Tenant:
• If to the New Tenant:
• (c) Effectiveness. A notice is effective only if the party giving notice complies with subsections (a) and (b) and if the recipient receives the notice.

14. WAIVER.

No waiver of a breach, failure of any condition, or any right or remedy contained in or granted by the provisions of this assignment will be effective unless it is in writing and signed by the party waiving the breach, failure, right, or remedy. No waiver of any breach, failure, right, or remedy will be deemed a waiver of any other breach, failure, right, or remedy, whether or not similar, and no waiver will constitute a continuing waiver, unless the writing so specifies.

15. ENTIRE AGREEMENT.

This agreement constitutes the final agreement of the parties. It is the complete and exclusive expression of the parties' agreement about the subject matter of this agreement. All prior and contemporaneous communications, negotiations, and agreements between the parties relating to the subject matter of this agreement are expressly merged into and superseded by this agreement. The provisions of this agreement may not be explained, supplemented, or qualified by evidence of trade usage or a prior course of dealings. Neither party was induced to enter this agreement by, and neither party is relying on, any statement, representation, warranty, or agreement of the other party except those set forth expressly in this agreement. Except as set forth expressly in this agreement, there are no conditions precedent to this agreement's effectiveness.

16. HEADINGS.

The descriptive headings of the sections and subsections of this assignment are for convenience only, and do not affect this agreement's construction or interpretation.

17. EFFECTIVENESS.

This assignment will become effective when all parties have signed it. The date this assignment is signed by the last party to sign it (as indicated by the date associated with that party's signature) will be deemed the date of this assignment.

18. NECESSARY ACTS; FURTHER ASSURANCES.

Each party shall use all reasonable efforts to take, or cause to be taken, all actions necessary or desirable to consummate and make effective the transactions this assignment contemplates or to evidence or carry out the intent and purposes of this assignment.

[SIGNATURE PAGE FOLLOWS]

Each party is signing this agreement on the date stated opposite that party's signature.

ORIGINAL TENANT

[PAGE BREAK HERE]

LANDLORD'S CONSENT AND RELEASE

As Landlord under the Lease, I hereby consent to this assignment of the Lease, and to the New Tenant's assumption of the Original Tenant's obligations under the Lease, including the obligation to pay rent when it is due. As of the Effective Date, I release the Original Tenant from all liability for obligations (including rent payments) under the Lease. However, the Original Tenant remains primarily obligated as tenant under the Lease and I do not waive or relinquish any rights under the Lease against either the Original Tenant or the New Tenant.

Attach a copy of the Lease as Exhibit A

How-to guides, articles, and any other content appearing on this page are for informational purposes only, do not constitute legal advice, and are no substitute for the advice of an attorney.

What's an assignment of residential lease?

With an assignment of residential lease, you can transfer your interest in a lease to another party before your lease term is up, with your landlord's written permission. The new tenant takes on the lease responsibilities, including rent and property maintenance, and you are released from most (if not all) of your duties. We offer an assignment of residential lease document to ensure proper documentation of the landlord's written approval of your lease transfer to a new tenant with ease.

Here's the information you'll need to have handy to complete your assignment of residential lease:

• Who it's going to : Have the information about the rental property ready and the name and contact information for both the original renter and the new renter handy
• Which state will govern it : Specify a state so it's clear what laws apply to the document
• Subject matter : Prepare a summary of the general terms, like the planned rent amount
• Dates : Be clear about the beginning and end dates of the lease

Free Assignment of Residential Lease Template

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Rental / Lease Agreement Templates

A lease agreement allows a tenant to legally occupy space in exchange for paying rent to a landlord. Before authorizing a lease, the landlord may request the tenant’s credit and background information to ensure they can afford the rent amount. All details regarding the tenancy are recorded within the document to confirm that there is an understanding between both parties.

Last updated June 26th, 2024

Lease Agreements By State

• Connecticut
• Massachusetts
• Mississippi
• New Hampshire
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• South Dakota
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Lease Agreements By Type

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What is a Lease Agreement?

A lease agreement is a common legal document that allows a person or business to rent property from the owner. Most residential agreements are for one (1) year, while most commercial agreements are usually for multiple years. The primary details of a lease that must be recorded within the form include:

• Date of the Agreement’s Origination
• Names and Addresses of the Landlord & Tenant
• Property Description (rental unit’s address)
• Term of the Occupany
• Security Deposit Amount
• Required Lease Payments (rent)

Once a lease agreement is signed by both parties, it becomes a legally binding document. (There is no need for witnesses or notarization.)

Lease Addendums & Disclosures

An addendum  is attached to a lease to add supplementary terms to the existing contract. It is important that all parties (landlord & tenant) sign off on the document to ensure that they both acknowledge the modifications made.

A  disclosure  is a statement that relays specific information to the recipient (typically the tenant) concerning the rental property. Most times, these are presented because either local or federal laws require it.

General Addendums, Disclosures, & Notices :

• Eviction Notices
• Lead-Based Paint Disclosure
• Move-In/Move-Out Checklist
• Security Deposit Return Letter

How to Lease Residential Property

If you are new to owning property or becoming a landlord, you will need to know the ins and outs of the lease agreement pretty well. For professional help, it’s best to hire a landlord & tenant attorney to draft a lease agreement for your property. If you wish to rent out your property yourself and would like to draft your own lease agreement, follow the steps below.

Step 1 – Market Your Rental Property

In order to attract interested parties, you have to make the public aware that you have a home available for rent (whether it be an apartment, condo, house, etc.). The most effective way to do this these days would be to advertise on a popular real estate listings website . The top platforms being:

• Apartments.com
• Craigslist.org

Step 2 – Showing the Unit

Now that you have advertised your rental, it is only a matter of time before you will start to receive inquires regarding the property. Eventually, one of these parties will request to view the space in person to see if the home fits their needs. Schedule a time and date to have the property shown by you (the landlord) or an agent working on your behalf (realtor or property manager).

Step 3 – Providing Rental Applications

If any of the individuals viewing the premises convey that they are interested in leasing the residence, a rental application should be presented at this time to first verify their qualifications as a tenant. A rental application is a document that requires specifics concerning the prospective tenant’s current financial status (particularly regarding their income and credit score), past rental arrangements, and criminal background. The information is then analyzed to help determine whether or not they are a viable applicant. (A fee is commonly required for the tenant to compensate for the cost of processing the information.)

Step 4 – Introducing the Lease Agreement

Once the landlord has found a tenant that has satisfied the application process, it will be time to introduce the lease agreement into the equation. Any tenants, also known as lessees, that will be living on the property need to be included in the lease agreement. The same goes for the landlord (or landlords if there are multiple owners), also called the lessor, who controls the rental property. Supplying the information of the lessee and lessor should be the very first part of the agreement. This just entails that the participants provide:

• Names & Mailing Addresses of Both Parties
• Names of Occupants (individuals who will also be living on the premises that are not registered tenants)
• Property’s Address

Step 5 – Terms of the Lease

Within the terms of the lease is where you will establish the core elements of the tenancy . The following terms must be discussed, agreed upon, and entered into the form:

• Dates of Tenancy

Security Deposit

• Periodic Rent
• Lease Type (fixed-term or month-to-month)
• Use of Property (will there be an additional purpose aside from being a residence, e.g. place of business)
• Penalties (fees for late rent or returned checks)
• Utilities  (who is responsible for the cost)

Step 6 – Rules and Provisions

Both parties should review all the various clauses within the lease agreement that define the proper code of conduct for the rental property. Each clause contains language that dictates the rules & regulations that the landlord and tenant must adhere to in order to maintain a valid contract. When a rule or provision is broken, the violating party is considered in “breach of contract” and the other party may have the right to terminate the agreement if the infraction is not addressed within the allotted timeframe. Certain sections may be removed or added to the document to better serve the needs of each party. Some components of the occupancy that you may want to cover within this section include:

• Abandonment
• Maintenance & Repair
• Early Termination

Step 7 – Signing the Document

After establishing the terms & conditions of the tenancy and recording them within the form, it is essential that both parties supply their endorsements within the necessary areas of the contract. Many landlords/management companies utilize an online signing feature to perform signatures. Once signed, each party should retrieve a copy for their records and the occupancy shall start on the date issued within the contract. (This does not typically require notarization.)

Landlord-Tenant Laws

Each state within the U.S. has its own rules and regulations regarding landlord-tenant relationships. Refer to the table below to find out more information about your state’s rental laws.

Late Rent Payments

Within all lease agreements, there will be a provision made stipulating the date in which the monthly rent payment is to be paid upon. States across the country have different laws that are enforceable should the tenant fail to pay the rent on time. These laws are mostly related to grace periods and fees.

A  grace period  is the duration of time the landlord has to wait before they can charge the tenant for an overdue rent payment.

A l ate fee  is a penalty charge imposed on the tenant for not cooperating with terms of the contract in regard to supplying the rent payment on time.

Below is a table listing each state’s laws concerning the minimum grace period a landlord must wait before billing the tenant and the maximum fee they can charge. (Landlords and tenants should always record this element of the tenancy within the content of the lease agreement.)

An NSF (non-sufficient funds) check occurs when someone provides a check that bounces. A lack of the needed funds in the account when the payment is attempting to be cashed will result in the financial institution charging the depositor a fee for the failed transfer. As a result of this, the landlord may be entitled to charge the tenant for any fees they incurred and the overall hassle.

Like late rent payments, many states enact laws that limit the amount one can charge for this violation. Either way, this fee should be established within the content of the rental agreement prior to its execution. If you are interested in researching your state’s policies on returned checks, review the table below to better understand your rights concerning this matter.

A security deposit is charged by almost every landlord/owner that is renting out property. A security deposit is normally equal to one (1) or two (2) months’ rent depending on the tenant’s credit report, rental history, and state laws. If a tenant damages the dwelling or abandons the lease during the tenancy, the deposit is there to cover any losses incurred by the landlord. If there was no damage to the property and the lease ends, landlords will have a certain timeframe set by the state to return the full security deposit back to the tenant. If there was damage, then the landlord must include an itemized list of repairs that need to be made and deducted from the deposit.

Security Deposit Return/Refund Letter – Landlords may utilize this form for the purpose of documenting the reimbursement of the security deposit funds.

Review the data below to discover your state’s policies on the maximum amount a landlord can charge a tenant for the security deposit and the timeframe in which they must return the deposit upon the lease’s expiration.

Landlord’s Entry

At some point during a tenant’s occupancy, there will be a time when the landlord (or their agent) needs to access the premises for essential purposes, e.g. repairs, general maintenance, emergencies, etc. All contracts for the rental of residential property should include a clause that lays down the protocol for this situation, as there is a certain etiquette that is expected in order to respect the tenant’s rightful boundaries and allow them time to prepare for the entry.

A notice of entry  should be delivered to the tenant informing them that the landlord (or an individual working on their behalf) will need access to the unit. This notice must be provided with a “reasonable” date & time of arrival as well as a purpose for the visit. It is important to stipulate the minimum required hours/days of notice within the lease agreement prior to the tenancy. Before selecting the desired amount of advanced notice required to enter the property, individuals should first verify their local state laws concerning this issue.

Definitions

Listed below are some commonly used words/phrases associated with leasing (in alphabetical order):

Abandonment  – When the tenant unexpectedly vacates the premises prior to fulfilling the terms of the agreement.

Addendum  – A supplementary form that may be attached to a lease to include additional terms (must be signed by both parties to take effect).

Agent  – Somebody who works on the behalf of another, e.g. real estate agent, attorney, property manager, etc.

Alterations & Improvements – Modifications made to a property that changes its physical appearance or functionality.

Appliances  – Devices/Machines that perform household duties and typically tend to be large, e.g. laundry machines, refrigerators, dishwashers, stoves/ovens, etc. (These items are most times considered to be fixtures to the rental unit and labeled “real property”.)

Amenities – Additional features of a rental property that add extra value to it, e.g. balcony, washer/dryer, fitness center, etc.

Binding Effect  – A widely used clause, this section of a lease agreement is implemented for the purpose of binding and benefiting the parties involved as well as their heirs, legal representatives, and assigns.

Breach of Contract  – A violation of any of the terms & conditions recorded within the rental contract that may result in a termination of the agreement if the infringing party does not rectify the situation.

Default  – The chain of events that are to occur should the tenant be in breach of contract.

Due Date  – The day in which the rent payment is to be satisfied by the tenant. (Oftentimes, a grace period of several days is provided if the rent is not paid on the exact due date, after which, the landlord is entitled to charge a fee.)

Entire Agreement  – A clause included within the lease used to signify that all the agreements made are contained within the document (and its attachments) and that no other arrangements were made separately.

Eviction  – A formal action taken by the landlord to expel the tenant from the rental property.

Fair Housing Act  – Restricts property owners (or their agents) from refusing to rent to an individual based on their race, sex, color, age, familial status, nationality, religion, or disability.

Fixed Term  – Unlike a tenancy at will (a month-to-month contract) where you can end the lease at any time so long as the required amount of notice is given, a fixed-term lease is a specific span of time that the parties are obligated to carry out. This term could span from six (6) months to multiple years, but one (1) year is the most common option you will find with this type of tenancy.

Furnishings  – Pieces of furniture, decor, and any other similar items that can be removed from the home and are considered personal property.

Governing Law  – A common clause included within a lease agreement, this term conveys that the tenancy is subject to local state laws.

Grace-Period  – A span of time from the day the rent is due in which the landlord must wait before he or she can charge a late fee. (The amount of time should be listed within the lease agreement and is typically around five (5) days.)

Guests  – A guest is identified as a person who is not considered a tenant or occupant that will be present on the premises for a brief period of time. The amount of time a guest can stay should be stated within the rental contract. (Most leases will mandate that a particular guest cannot stay on the property for more than ten (10) to fourteen (14) days within a six (6) month period.)

Hazardous Materials  – Any substances contained on the premises that could have a negative impact on the residents or the property itself.

House Rules  – These are guidelines created by roommates to avoid any type of disputes regarding the co-tenancy. Some examples of what these guidelines could cover include cleaning duties, noise restrictions, guest privileges, etc.

Indemnification  – A common clause contained within most lease agreements, this section is used to protect the landlord from any legal liability concerning the injury of any tenants or guests that may occur on the premises, as well as any damage to their personal property.

Insurance (Bond)  – Landlords are encouraged (and sometimes demanded by local law) to notify the tenant of what type of insurance policy they have as it pertains to the lessee.

Landlord (Lessor) – Owner of the rental property who will be leasing the residence to the tenant (lessee).

Late Fee – A charge imposed by the landlord when the tenant has failed to satisfy the monthly cost of the rental on the date in which the rent is due. (Most rental agreements specify that the tenant has a certain amount of days from the due date, known as a grace period, to pay the rent.)

Lease Agreement (Rental Contract) – A document used to outline the terms & conditions of a tenancy which legally binds both parties to follow through with the arrangement once signed.

Lease Renewal – Renewing the terms of rental contract upon its expiration.

Maintenance  – The periodic upkeep of a rental property that the tenant must be willing to accommodate.

Monthly Rent  – The monthly payment required by the tenant for the use of the property, commonly owed on the first (1st) of every month.

Month-to-Month  – Also known as a “Tenancy at Will” or a “Periodic Tenancy”, this type of term only lasts for about roughly thirty (30) days at a time. As you approach the expiration date of each term, it will automatically renew until canceled by either party. (Generally speaking, individuals can end the arrangement at any time given that thirty (30) days’ notice is delivered to the other party.)

Non-Delivery of Possession  – A provision oftentimes added to a rental contract, this clause conveys what is to happen should the tenant not be able to move into the property by the commencement date.

Notice – A written notification letter typically sent by the landlord informing the tenant of an issue regarding the occupancy, e.g. notice of entry, notice to quit, notice of renovations, etc.

Occupants  – Any individuals who will be residing within the premises who are not listed as a tenant on the lease agreement, e.g. partners, children, other family members, etc.

Parking  – A clause customarily included within most lease agreements that establishes the property’s parking situation for tenants’ vehicles. (A fee may be recorded within this portion of the form should the landlord require compensation for the parking spot.)

Parties  – All individuals taking part in the rental transaction, e.g. landlord(s) and tenant(s).

Payment Location  – The address in which the tenant is obligated to deliver the sum of money for the periodic rental costs.

Personal Property  – Unlike real property, these are items/belongings that can be removed from the premises and are not affixed, e.g. furniture, rugs, televisions (that are not mounted), etc.

Pet Deposit & Fee – An amount separate from the security deposit that is held by the landlord in case there is damage due to a domesticated animal living on the premises. Some owners may also add a monthly fee in order for the tenant to secure the right to have a pet reside within the rental unit.

Property Description  – The physical address of the rental property, i.e. the street name & number, unit number, city, state, and zip code.

Property Manager – An individual who operates a rental property on behalf of the owner in exchange for compensation.

Prorated Rent  – Oftimes utilized when there is a delay in the move-in date, the landlord may adjust the normal monthly payment to account for the days the tenant was unable to reside within the property. (In order to calculate how much each day costs, divide the rent payment by how many days there are in the month.)

Real Property  – This term encompasses the land and all the property attached to it, i.e. the land, building(s), and any fixtures attached to the structure(s).

Receipt of Agreement  – It is vital that both parties receive a copy of the lease upon its execution in order to legitimize the transaction. (This should include copies of any other related documents as well as receipts confirming that certain payments were made.)

Returned Check  – Also referred to as a “bounced check” or “NSF check”, this occurs when a check is attempted to be cashed by the landlord but the account it is associated with has insufficient funds to satisfy the amount provided.

Security Deposit  – A very common term in the rental world, this is a sum of money provided by the tenant prior to the move-in date in order to protect the landlord from incurring the cost of any damages that may occur during the term of the occupancy.

Security Deposit Refund – Upon the expiration of the lease agreement, the landlord is required to return the security deposit, minus the cost of any damages, to the tenant. (This should include a written breakdown showing any deductions taken from the full amount.)

Severability – This paragraph is incorporated into a lease agreement for the purpose of stating that if a singular provision is not legally valid, it shall not nullify any of the other provisions made within the contract.

Sublandlord (Sublessor) – The original tenant who will be re-renting the premises to the subtenant (sublessee).

Subleasing (Sub-Letting) – A type of arrangement where the current tenant of a property re-rents the premises to a third (3rd) party. (This may only occur if the official landlord of the property grants permission.)

Subtenant (Sublessee)  – The individual who will be subleasing the property from the primary tenant.

Tenancy  – A common word used to describe a lessee’s occupancy.

Tenant (Lessee) – The individual who will be renting the property from the landlord (lessor) and occupying the unit.

Term  – The period of time in which the tenant has the right to occupy the property.

Terms & Conditions – Guidelines recorded within a contract that need to be complied with in order to maintain a valid agreement.

Use of Property  – What will the property be utilized for? The property use of a residence will most likely have a clause stating that the property is to function only as a single-family dwelling, as opposed to accomodating a business operation.

Termination  – The terminology used in the rental industry when a contract is ended, either because the agreement has expired and one of the parties does not want to renew, or because there was a violation of the terms & conditions.

Utilities  – Specific services needed for a dwelling to be habitable, e.g. electric, gas, water, sewer, trash collection, etc.

Vacancy Rate – The number of vacant units versus the total number of units within a building.

Verbal Agreement – An arrangement that is vocalized between two (2) parties rather than written down. (It is not recommended to arrange any aspects of a tenancy this way, as it is hard to prove what the parties had spoken about.)

Frequently Asked Questions (FAQ)

How to get out of a lease agreement.

Breaking a lease could potentially come with some negative consequences, such as legal repercussions, difficulty renting in the future, and financial losses. When two (2) parties have signed a lease agreement, they are bound to uphold the provisions set forth within the contract. If you still want to follow through with breaking the lease, you may want to first see if there is a way out that does not violate any of the content written within the document. You may want to consider exploring the following avenues:

• Reviewing the Lease Agreement – Reread the rental contract to see if there are any conditions that would allow you to legally void the lease instead of breaking it without justification. Maybe there is a clause that states that you can terminate the contract so long as a certain amount of advanced notice is given to the other party. Or, maybe the landlord has not met a condition within the contract that violates the terms and gives you an out.
• Consider Subletting – This option kind of ties in with the first. If the lease agreement has a clause that states that the tenant may sublease the property to a subtenant, then you may be able to vacate the premises and re-rent it to a third party to avoid violating the original contract. If it is not granted in the primary lease agreement, it wouldn’t hurt to ask the landlord if this type of tenancy could be carried out (if they agree, make sure to get their permission in writing).
• Contact the Landlord – If you cannot find any viable solutions to ending the lease early, it may be a good idea to contact your landlord and explain your situation. They may actually appreciate the honesty and advanced notice and be more prone to work with you on finding a solution that works for both parties.

Can you Use a Lease Agreement as Proof of Residency?

An active lease agreement where you are listed as a tenant can be considered “proof of residency” when presented to certain establishments. With that said, different states have different quotas for the amount of time that you have to be present within the boundaries of the state in order to be considered an official resident (typically around six (6) months out of the year).

How to Evict a Tenant Without a Rental Agreement?

Although it is much less common for a property to be occupied by a tenant without a lease, it is still something that occurs and has to be dealt with by landlords. Some examples of this could include the following:

• New Owners – When a building that has current occupants is sold to a new owner, people may begin to question the validity of the lease agreement that was made with the previous landlord now that they no longer have an interest in the property. Although the new proprietor doesn’t have a contract with these tenants, they are still liable to follow through with the terms of the original document. If they would like to oust any of the existing tenants from their rental units, they will have to wait until the expiration of the lease’s term and provide the required amount of notice to terminate the tenancy.
• Squatters – These are individuals who uninvitedly remain on the premises after the expiration/termination of the lease agreement.
• Tenants at Will – Occupants who are involved in an oral agreement where each term lasts a period of one (1) month at a time. Depending on the state, this type of arrangement can usually be canceled anytime so long as thirty (30) days’ notice is delivered to the opposing party.

If any of the aforementioned scenarios are applicable to you as a landlord and you would like to remove the tenant as soon as possible, consider some of the options regarding the eviction process listed below:

• Negotiate  – If it is not a volatile situation, you may want to contact the tenant first and discuss the reasons why you would like them to vacate the premises. Who knows, you may be able to settle a deal that works out for both parties and ends the tenancy in an amicable fashion.
• Notice to Quit – Send a notice to quit letter to the tenant disclosing that you, the landlord, request that they vacate the premises within a specified period of time.
• Court  – If all else fails and the tenant refuses to leave, the landlord may take legal action and try to get a court order to evict the occupant. It should be mentioned that this could end up costing the landlord a considerable amount of time and money, so before following through with this, they should make sure their reasons for evicting the tenant are legitimate.

(Rules and regulations regarding evictions will vary from state to state. It is important that landlords research their local laws or hire legal counsel to advise them of their rights as a property owner.)

How to Negotiate a Rental Lease Agreement?

Depending on the current status of the marketplace, either the landlord or prospective tenant will have the upper hand when negotiating the terms of the rental contract. Listed below are some tools that can be implemented to increase your chances of achieving a beneficial transaction:

For Renters:

• Research  – Do as much research as possible for any listings that are located within the area you desire. You should determine what type of property fits your needs (apartment, condo, house, etc.), how many bedrooms you require, and what amenities you would like to have. After creating a list of potential properties and their prices, you will now have a better feel for the market and be able to use these dwellings as a frame of reference.
• Ask Questions  – When it comes time to speak with a landlord or their representative about a property, it is important to inquire about certain aspects of the residence that could possibly reduce the cost of the rental. Ask about the vacancy rate (percentage of empty units in the building), their willingness to reduce certain costs (rent, security deposit, additional fees, etc.), and whether or not they would be open to covering the cost of the utility expenses.
• Advance Rent – If it is an option, you may offer the landlord an advance on future rent payments in return for a discount on the monthly rental cost. Oftentimes, owners will be tempted to accept this offer as the thought of a large upfront deposit is enticing, and it would also reduce the risk of non-payment. (This could be anywhere from three (3) months to one (1) year of prepaid rent.)
• Extended Lease  – Another proposal that may convince a landlord to discount the rent would be a multiple-year lease. Most property owners prefer to have a consistent occupancy where they don’t have to deal with the hassle of finding a new tenant. As most lease terms are for one (1) year, an eighteen (18) month or two (2) year contract might be more attractive than a traditional annual lease.
• Promote Yourself  – Use the positive aspects of yourself to your advantage. This could include a high credit score, solid references from past landlords, job status, financial statements, no criminal record, etc. (This will typically be verified by the landlord anyway using a rental application.)
• Compromise  – Remember, negotiating isn’t about trying to get everything you want and leaving the other party with nothing. You will probably have no success with that type of approach. Rather, the goal should be to meet somewhere in the middle. (You have to give a little in order to receive.)

For Landlords:

• Analyze your Property – In order to negotiate with prospective tenants, you must first know the value of your rental property. Is it in high demand? Does it have unique features and a good location? What are similar rental properties going for? Have you had a lot of interested parties contacting you about the property? These are all selling points that can be brought up when speaking to a potential renter who is trying to get a discount. Knowing the positive aspects of your rental is the best leverage you can have when trying to secure a profitable monthly rent and the terms & conditions you desire.

Can a Landlord Break a Lease?

The answer to this question is subject to the content of the lease. Given this information, the landlord may have the following options:

• Termination Clause – If the landlord inserted an “early termination” provision that allows them to end the occupancy as long as a certain number of days’ notice is delivered to the tenant, then they will be able to break the lease accordingly.
• Tenant Violation – If the tenant has violated one of the conditions contained within the lease agreement, then the landlord may reserve the right to legally end the tenancy without penalty.

But, if the agreement does not contain an out for the landlord and the tenant has held up their end of the bargain, the laws will protect the tenant and they will be able to continue residing within the property until the expiration of the contract.

Can a Landlord Change the Lease After it is Signed?

The only possible way that a landlord would be able to change the terms of the rental contract after both parties have signed the document would be to create an addendum with the supplementary terms and have both parties sign the form. If the tenant doesn’t agree to the new terms and refuses to sign the addendum, then the landlord has no other option than to follow through with the conditions of the primary agreement.

What are Lessees and Lessors?

This is the basic terminology used when entering into a lease agreement. Basically, the lessee is the tenant entering into the contract, and the lessor is landlord renting out the property. It is important to know these terms as they are prominently used in most contracts for the rental of a property.

Sample Residential Lease Agreement

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