Leasing or renting out a property often involves many moving parts—from finding the right tenants to ensuring maintenance to handling payments and complying with all legal requirements. Surely the last thing you want to stress over is drafting a comprehensive agreement that checks all the legal boxes.
With so much at stake, it would be best to use templates for lease and rental agreements. This way, all you need to do is make tweaks to ensure everything is up to your standards and requirements.
In this article, we’ll feature five free lease and rental agreement templates that you can use.
5 Downloadable Rental and Lease Agreement Templates
Residential Lease Agreement Template
You can use a residential lease agreement when renting out a house, apartment, or other forms of residential property. Property owners and managers typically include clauses that protect their interests, such as a security deposit and rental payment schedule. Lease Agreement – Residential
Rental Property Lease Agreement Template
The rental property lease agreement is a contract between the property owner and tenant for residential or commercial real estate. You can use it for apartments, houses, office space, or other properties. Rental Property Lease Agreement
Commercial Lease Agreement Template
A commercial lease agreement is a legally binding contract for the rental of commercial properties, including office space, retail stores, and warehouses. They are typically much longer than residential leases and often include provisions for renewal. Lease Agreement – Commercial
Sublease Agreement Template
Under a sublease agreement, the original tenant leases part or all of the leased premises to a subtenant. The subtenant agrees to pay rent to the first tenant. This kind of arrangement is only possible with the approval of the property owner. Sublease Agreement
Storage Rental Agreement Template
A storage rental agreement is a contract outlining the terms and conditions of your rental. The deal will specify the size of the unit you are renting, how long you can keep your belongings in storage, and any restrictions on what can be stored. Storage Rental Agreement
What’s the Difference Between Lease and Rent?
While these two terms are sometimes used interchangeably, they differ in several key aspects:
Flexibility of terms
In most cases, rental terms are on a month-to-month basis. Often, a rental agreement automatically renews at the end of each period. But when it comes to leased properties, parties can only change the terms once the contract expires.
Duration
Rentals are shorter compared to leases. A typical rental period lasts 30 days, while a lease can extend for years. Again, rental agreements automatically renew when the term expires, while lease agreements don’t. You and the property manager will have to sign a new deal at the end of the contracted lease period.
Property maintenance
Typically, the responsibility for maintenance in a rental contract lies with the property owner. The property manager or owner ensures that it is inhabitable. It may involve all the repairs to keep the property in good condition. Alternatively, the maintenance responsibility falls on the lessee in a lease contract. It is the lessee’s responsibility to make any repairs during the length of the contract.
Mortgage rights
If the property owner defaults on their mortgage payments on a rental property, the lender can evict the tenant. The rental agreement is deemed void, and the tenant must vacate the premises immediately. On the other hand, in a lease agreement, the contract is still valid. The tenant can continue to occupy the property until the contract expires.
What Is a Lease Agreement?
A lease agreement is a legally binding real estate contract between a property owner and a lessee. It gives the tenant the right to live in or use a property for a fixed time, typically 6-12months. After this period has elapsed, they can decide to either renew or terminate the agreement.
Both parties can negotiate the terms of the lease, but they must declare it in writing to be binding. The document must include the following:
- length of the lease
- monthly or annual payment
- security deposit
- utility responsibilities
- other rules or regulations
After signing, both parties must uphold their respective duties under the contract. If either party breaches the agreement, they may be subject to legal action. As such, it is essential that both parties carefully review and understand the terms of the lease before signing.
While lease agreements can vary depending on what state or country, they serve the same purpose: to protect both parties and establish clear expectations.
When to use a lease agreement
Commercial real estate
Commercial real estate pertains to properties that are intended for business purposes. You can use a lease agreement when renting an office, retail space, or an industrial building.
Equipment
Companies or individuals can also rent machinery. For example, a construction company may need to lease excavators or cranes for a specific project. This is a better option if you cannot afford the upfront cost of purchasing equipment.
Land
You’ll need a lease agreement if you want to use land from another party for agricultural, farming, grazing, or residential purposes. These agreements are also called ground leases or farm leases. The lease agreement should have specific clauses about buildings and other structures on the property.
What Is a Rental Agreement?
A rental agreement is a more straightforward contract. It is often used for residential purposes, such as apartments or homes. The tenancy is mostly 30 days but can be shorter or longer, depending on the agreement.
People who prefer a rental usually don’t want to commit to long-term housing. These include students, tourists, and seasonal workers. They may want to have the option to move out fast. As such, rental agreements are more common in areas where tenants usually stay for a short time.
When to use a rental agreement
Short-term rentals
As the name implies, these agreements can cover as little as 30 days. Renting an entire house, a room, or an accessory unit of residential homes for less than a month is considered short-term. Examples of short-term rentals are boarding houses, vacation rentals, or corporate housing. The maximum length can vary depending on local laws.
Subletting or subtenant
Subletting refers to a tenant finding someone else to occupy their rental property for a short time. The subtenant takes over the payment of rental fees during this period. Example situations where you may need to sublet are if you’re traveling for work or going on an extended vacation. You need the property owner’s permission to enter into this kind of arrangement.
Vehicle rentals
You can rent cars, motorcycles, and other vehicles for personal or commercial purposes. The rental agreement should include the vehicle make and model, rental period, price, and further relevant details.
Manage your Contracts Using Fill
Start the first step in protecting your rights as a property owner or tenant using Fill, one of the best contract management platforms in the market. You can tailor contract templates using its intuitive interface. It makes drafting, signing, tracking, and managing your contract agreements a breeze.
Plus, you can rest assured that your esignatures and contracts are safe online. Not only is Fill protected by end-to-end encryption, but it also complies with data privacy laws.
Move forward with negotiations by choosing a more efficient way to close deals. Start now and see how Fill can help you streamline your agreement signing process.
