Rental Agreement Clauses & Terms Explained

The sections below define the clauses and terms that a rental agreement must contain. 

BASIC CLAUSES

• Identity of the Landlord, Tenant, Property     ​
  
• Period of the agreement    
  
• Escalation   
  
• Rent & payment date   
  
• Rent Delay Penalty   
  
• ​Security Deposit     
  
• Allowable deductions from Deposit    

RESPONSIBILITIES OF PARTIES

• Use of property     
  
• Changes to property 
  
• Responsibility for damages/maintenance work   
  
• Right to sublet    
  
• Inspection by landlord    
  
• Association payment & Association rules     
  
• Tax & legal payments  

TERMINATION & DISPUTE

• . Termination process     
• Lock-in     
• Notice period  
• Handover condition & terms     
• Return of Security Deposit   
• Violation of agreement terms     
• Dispute jurisdiction  
• Indemnity    

Each of the above clauses is explained in Detail in the Prop.Academy course on Real Estate Renting 101. You can review that for further information. 

Lease Agreement versus Leave and License