What is a Residential Lease Agreement?

The term “residential lease agreement” refers to the legally binding contract made between a landlord and his tenant and contains all the terms for renting a house or apartment as a residence. This document is also known as an apartment rental agreement or a landlord-tenant lease. Normally it is signed at the start of a rental term and remains in effect until the end date indicated in the agreement.

Residential lease agreements set forth in writing the most important terms between a tenant and landlord in order to avoid misinterpretation or confusion with regard to who has access to the property and the conditions of access.

Why Do You Need an Written Residential Lease Agreement?

If a tenant and landlord have only a verbal agreement, it is nearly impossible for the wronged party to receive redress in court because it is difficult to prove any terms that have not been set forth in writing. If a lease agreement is in place, most landlords require a security deposit, as well as the first and last month’s rent. This is much cheaper than the down payment needed when taking out a mortgage loan.

Sources: https://www.bankrate.com/glossary/r/residential-lease-agreement/