Simple (One-page) Agreement
Are you planning to rent an apartment or, on the opposite to rent out a part of your property to someone? Then you probably should create a one-page lease agreement to pre-decide the main terms and conditions with your tenant or landlord. The document is a standard minimum, and you will be able to complete it quickly if you follow the instructions given in this article.
What is a One Page Lease Agreement?
The one-page lease agreement is a document that allows landlords to sell or rent their property easily and save time. This document is very widely used because it protects the rights of both parties and does not require much time to compile. In court proceedings, the presence of this document allows avoiding monetary losses for both the landlord and the tenant.
It also explains all the main financial obligations of both parties to each other, including the amount of security and rental payments and the deadline for returning the deposit amount to a tenant.
When to Use a Residential Lease Agreement
The agreement is required when a landlord wants to lease a part of their property to a tenant for a period of eleven months and more. The term may vary depending on the case. The document confirms the fact of property renting and contains the main conditions of the tenant-landlord agreement. It means that the paper answers the most popular tenant questions and protects the owner's property from being claimed by the renters at the same time.
Both parties (landlord and tenant) should be interested in completing the simple one-page agreement to avoid any possible legal disputes in the future. However, you need to be aware of the laws related to the Residential agreement in your state to do everything correctly.
What Should Be Included in a One Page Agreement
As the residential agreement is a one-page document, there is not much information you can include.
Mostly, when creating the paper, you need to fill out the following data:
Tenant’s and landlord’s names
The period during which a tenant is planning to rent the property
The rental amount and security deposit
Signatures of both parties and date
Generally, the one-page residential agreement is a simplified version of the standard rental agreement that doesn’t contain any requirements, restrictions, or recommendations for all the cotenants living in one property.
How a Simple One Page Agreement Works
In this section, you will find a complete step-by-step guide on how to prepare a Simple Residential Agreement and how to make it quickly.
The form has six sections situated on a page, and you need to fill out each of them carefully, paying attention to the given instructions.
- Enter the names of landlord and tenant
The first section requires the names of both parties, and also, the landlord has to write their address here.
- Add information about the property
For the next section, the owner should add a full property address and check an appropriate type of residency. The list of types includes an apartment, single-family, condominium, and some others.
Specify the period for which you are renting out your apartment. Also, set a certain date of every month when rental must be paid (usually, it’s the first day of the month) and instructions for payments (required payment method).
- Add information about security deposit
Check whether the tenants will be required to pay fees for possible damage to the property during their living in it. If so, specify the amount of the payment and when the owner will have to return it to the tenant after the term expires.
If the security deposit is not needed, check an appropriate box.
- Put your signatures and date
In the end, each party must sign the document, put a date of the agreement, and write their name in the blank fields one more time.
Here we are. A perfectly completed lease agreement is ready, and you will be able to refer to it to resolve legal issues and conflicts with your tenants.
Summing up, the simple agreement is a very useful tool for both parties of the agreement, but it’s especially important for a landlord as it protects their property from any legal questions. So, don’t hesitate to create this short and easy-to-make lease document if you’re going to lease a part of your property to someone else.