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A Residential Lease agreement is a legal and binding contract, which is signed by the landlord or the owner of a property, and the tenant before he takes the property on rent. The agreement should follow certain guidelines and include certain key points as mentioned below:

1. Define the Lease Property: The property to be addressed in the Rental lease agreement needs to be aptly described with its complete address, unit and identification that make it unique from all others.

2. Define the time frame of the lease: The agreement needs to specify the beginning date and ending date for the lease, rather than just the duration e.g. “nine months” is not enough. This also includes the conditions for the notice period, i.e. the time needed to vacate the property that can be one month or two months.

3. Define the renewal terms: If the landlord has provided his tenant, an ability to get the lease renewed, it needs to be clearly stated in the lease agreement. This section may describe the change in rent after the renewal process; also the notice period as how much time prior to the adjournment of his original lease period, the tenant has to issue the request of renewal, and other clauses as appropriate.

4. Define the terms ruling security deposits and rent payment: The amount, a tenant pays to the landlord or owner for the security deposit, depends on the area and the laws governing it. This amount needs to be clearly specified in the lease agreement. Furthermore, the time and duration within which the security deposit needs to be paid back to the tenant has to be stated. This section also includes the description of how charges would be taken care off, for maintenance and damage of the Lease Property. Regarding the payment of the rent, the amount, mode of payment, the monthly date of payment and course of action in getting delayed, all need to be mentioned clearly in the agreement.

5. Define the terms for the occupancy and usage of the Lease Property: The purpose of the property usage needs to be clearly mentioned in the agreement i.e. whether the property would be used for a residential purpose or for office or retail, etc. This section should comprise of all the clauses regarding the limitations of the property usage and occupancy e.g. a lease agreement stating the property to be used for “Travel and tourism” office should not be used as an office of “Real estates” etc.

6. Define the owner’s conditions for property’s inspection: Once the lease is signed, the property would be used by the tenant and hence his privacy needs to be considered. In case the lease agreement is signed for a longer duration, the owner’s choice of coming and checking the area needs to be clearly taken care off well in advance. The time duration of each inspection, prior notice process, authorization of any other person to enter the Lease Property needs to be stated in this section of the agreement.

7. Define any improvements to be made to the leased property: Once the lease is signed, the property wouldn’t undergo any modifications by the landlord, unless specifically stated in the agreement. If the property is being given for office purpose, it may undergo certain improvements and the terms, conditions, cost of modification, etc. need to be mentioned in the lease document beforehand.

8. Define the responsibility of maintenance of the Leased Property: The terms regarding the maintenance of the leased property need to be defined in the lease agreement as it varies depending on the kind of property’s usage. E.g. in case the property is used for residential purposes, the landlord or owner is responsible for the maintenance within the lease period. On the other hand, if the property is used for an official or commercial purpose, then the responsibility to maintain it may fall in the lap of tenants. In either case, this section should be properly stated and understood by both the parties, before they sign the agreement.

9. Define the clauses for the transfer of the Leased Property: If a tenant wants to transfer his lease to some other party, then the terms and conditions governing such kind of situation needs to be clearly taken care off in the lease agreement.

10. Define the conditions for acceleration or waiver of rents: Depending on the laws and conditions, an acceleration or waiver of the rental amount for certain period of time or in case of any violation of previously mentioned terms can also be included in the lease agreement.

Since a rental agreement is a legal document, most of the real estate investors, landlords and owners seek an attorney to draft their lease agreement. There are also standard templates of the agreement available, which can be modified and entered with details to be used as a lease agreement. For this agreement to be binding and authentic, it is required that, both the parties signing it should be of legal age. If one of the parties is a minor, then the signature of their parent or legal guardian can work as well.

In all the cases, a residential lease agreement is quite important in protecting the rights of both landlord/owner and tenants.