Condominium Lease Agreement
Nowadays, lots of people are choosing to rent a living space rather than buy it. Besides convenience, efficiency, and flexibility, another key factor that influences one’s choice is a well-written lease agreement.
What is a Condominium Lease Agreement?
This is a document that is created by two parties, one of which is renting out a residential unit (called “condo”) located in a condominium association to another individual. The parties are usually referred to as the “owner/landlord” (or “lessor”) and the “tenant” (or “lessee”). The parties set terms and rules that must be abided by in any circumstances. A condominium lease agreement is also known as Condo Lease or Condo Lease Form.
When to Use a Condominium Lease Agreement?
A condo lease is the only thing that will hold up in court if something unpleasant happens (if one of the parties violates the rules). There are hundreds of possible scenarios: the landlord refuses to make repairs when necessary or performs regular inspections of the property without notifying the tenant; the tenant may conduct illegal actions (like selling drugs) on the condominium premises and refuse to leave the residential unit, etc. In all situations that are considered violations of the agreement, a covenant protects the parties’ interests and rights.
Both parties must make sure that all the important issues and rules have been written down. None of the verbal agreements will be considered valid. Thus, using a condo lease agreement is necessary any time one wants to establish a good landlord-tenant relationship.
What Should be Included in a Condominium Lease Agreement?
The structure of the form and requirements for its completion may vary from state to state.
However, there is a list of details that should be included in every condominium agreement:
the full legal names of the parties
the description of the condo and its address
the rental price and the due date
the sum for a security deposit
the duration of the tenancy
the date of signing
the services and utilities available (parking space, Internet, air conditioning, etc.)
other lease terms and conditions (regarding pets, notices, etc.) under which the parties cooperate
the landlord’s and the inhabitant’s signatures.
How a Condominium Lease Agreement Works
Now that you know what details must be included in a condo lease, you can proceed to the completion guide. Follow our instructions to complete the form correctly.
The first thing you need to do is to write the date on which the document will become effective (day, month (in words), year).
Then, add the renter’s and owner’s names. The parties are referred to as “tenant” and “landlord,” respectively. If there is more than one lessee, all the names should be included in the document.
- Indicate the Property’s Address
You have to specify where the property is located. Write the full address (including city, state, unit number). Remember to include the name of the condominium association.
Define for how long the tenant(s) will be allowed to stay on the premises. Check the second box if the landlord doesn’t want to specify the time period.
- Define the Rent Price and the Due Date
Specify how much money the landlord expects to receive for the whole lease period or per month. Besides the rent amount, you can mention the payment method (cash, bank transfer, etc.). Insert the due date for your tenant(s) to make payments.
- Enter the Security Deposit Amount
It is a common practice to require a security deposit as it ensures that the tenant can pay the rent and financially cover all damages they have caused. Write the security deposit amount in dollars (according to the State laws, the maximum sum must not exceed the rent for one month and a half) and the number of days within which the money must be returned. If the tenant is required to pay upfront, either first or last month’s rent or both, check the necessary box(es) and define the amount.
- Provide Info Concerning Parking
In this section, enter the number of parking spots the tenant is allowed to use during the lease term. Write the amount of a monthly fee for the spots (if necessary). If the landlord doesn’t charge the lessee, enter 0 or leave the space blank.
- Include the Other Occupants’ Names
The tenant should write the names of all individuals who can live in the condo. The landlord should specify the maximum number of people that can stay on a certain night.
- Choose Who Will Cover Utility Bills
Typically, the bills for water, heat, and electricity are paid by the landlord. Select the services the landlord is responsible for and let the inhabitant pay for the remaining utilities. List all the appliances provided by the landlord (washing machine, microwave, etc.).
- Include Other Terms and Conditions
A condo lease agreement may cover many other topics:
using the unit for purposes other than residential
possession of the premises
conditions of the rented premises
- Set the Rules Regarding Pets
You are provided with three options regarding pets on the premises. Choose the one that best describes the landlord’s requirement. Remember to enter the amount of fee if you have chosen either the first or the second option.
- Include Additional Provisions
Make sure that the following issues are also covered in the document:
the landlord’s entry
access to the premises
signage (for instance, “For Rent” and “For Sale” signs)
sale of premises (the landlord must give the tenant the 60-day notice to empty the unit before selling it)
- Specify the State
If the template is not state-specific, enter the name of the state where the document is signed.
Both parties need to sign the form, write their names, and date the contract again. The owner is the first to sign, and then, all the renters should add their signatures. The agreement should be signed by all the involved parties to become valid.