What is a residential lease?
Full Question:
Answer:
A Residential Lease form, Agreement or Contract, as they are sometimes named, is a lease agreement between a Landlord and a Tenant for the lease of a residential structure. The lease may be month to month, for a year, or any term agreed.
Sample Residential Lease
Portions of a Residential Lease follow:
This Residential Lease Agreement (hereinafter “Lease”) is entered into this the ____ day of _____________________, 20____, by and between the Lessor: ______________________________________, (hereinafter referred to as “Landlord”), and the Lessee(s): ______________________________________________________________________________________. All Lessees (hereinafter referred to collectively as “Tenant”), are jointly, severally and individually bound by, and liable under, the terms and conditions of this Lease.
For the valuable consideration described below, the sufficiency of which is hereby acknowledged, Landlord and Tenant do hereby covenant, contract and agree as follows:
1. GRANT OF LEASE: Landlord does hereby lease unto Tenant, and Tenant does hereby rent from Landlord, solely for use as a personal residence, excluding all other uses, the personal residence located in __________________ County, Kentucky, with address of:
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________, including the following items of personal property:
________________________________________________ ________________________________________________________________________________________________.
2. NATURE OF OCCUPANCY: As a special consideration and inducement for the granting of this Lease by the Landlord to the Tenant, the personal residence described above shall be used and occupied only by the members of the Tenant’s family or others whose names and ages are set forth below:
________________________________________________
________________________________________________________________________________________________________________________________________________.
3. TERM OF LEASE: This Lease shall commence on the ____ day of ___________________, 20____, and extend until its expiration on the ____ day of _________________, 20____, unless renewed or extended pursuant to the terms herein.
4. SECURITY DEPOSIT: Upon execution of this Lease, Tenant shall deposit the sum of $___________ to be held by Landlord as a security deposit for reasonable cleaning of, and repair of damages to, the premises upon the expiration or termination of this Lease, or other reasonable damages resulting from a default by Tenant. Tenant shall be liable to Landlord for all damages to the leased premises upon the termination of this Lease, ordinary wear and tear excepted. Tenant is not entitled to interest on the security deposit. Tenant may not apply the security deposit to any rent due under this Lease. If Landlord sells or assigns the leased premises, Landlord shall have the right to transfer Tenant’s security deposit to the new owner or assignee to hold under this Lease, and upon so doing Landlord shall be released from all liability to Tenant for return of said security deposit.
In compliance with Kentucky Code § 383.580:
(1) The security deposit shall be placed in a non-interest bearing bank account and tenant notified of the account information.
(2) Prior to tendering any consideration deemed to be a security deposit, the prospective tenant shall be presented with a comprehensive listing of any then-existing damage to the unit. The tenant shall have the right to inspect the premises to ascertain the accuracy of such listing prior to taking occupancy. The landlord and the tenant shall sign the listing, which signatures shall be conclusive evidence of the accuracy of such listing, but shall not be construed to be conclusive to latent defects. If the tenant shall refuse to sign such listing, he shall state specifically in writing the items on the list to which he differs, and shall sign same.
(3) At the termination of occupancy, the landlord shall inspect the premises and compile a comprehensive listing of any new damage to the unit caused by tenant which is the basis for any charge against the security deposit and the estimated dollar cost of repairing such damage. The tenant shall then have the right to inspect the premises to ascertain the accuracy of such listing. The landlord and the tenant shall sign the listing, which signatures shall be conclusive evidence of the accuracy of such listing. If the tenant shall refuse to sign such listing, he shall state specifically in writing the items on the list to which he dissents, and shall sign such statement of dissent.
(4) In the event the tenant leaves not owing rent and having any refund due, the landlord shall send notification to the last known or reasonably determinable address, of the amount of any refund due the tenant. In the event the landlord shall not have received a response from the tenant within sixty (60) days, tenant shall forfeit the deposit. If tenant responds within sixty days, Landlord shall forthwith mail the refund to Tenant.