A Lease contract is a written implicit contract by which an owner of a specific asset such as land, building, machinery and equipment grant to a second party for a specific time period and under specific conditions which is mention on the agreement. A lease agreement will not renew itself like rental agreement because it is the agreement for a specific time period given by the owner to second party and both landlord and occupant get benefit by the asset. There is less investment required to take asset on lease with lower monthly payment. Lease and rental agreement both are similar in nature but some differences make it separated. A lease agreement usually contain long time period for 12 months or above. It is a contract between the landlord and tenant on certain conditions. The lessor is the legal owner of the asset but asset is granted to second party for use in return for regular rental payments.
Common elements of lease agreement included the names of the parties. The starting date and duration is also mention on lease agreement. Provide conditions for renewal or non-renewal of agreement and has a specific consideration for granting the use of object. Mention security deposit and terms for its return and some other useful information about asset which is given on lease. Leases have served for many purposes and useful in legal regulations of social and economical conditions of time. Leases were mainly used for agriculture purposes but along the advancement of cities in many countries, lease plays an important role for landholding in well populated cities. The scope of lease expands day by day in our society. A well Lease Agreement Template took much necessary information about the tenant. We provide a well presented lease agreement format which is beneficial for you to save your precious time. Our format is elegant and unique for a brief able agreement.
Commercial Shop Lease Agreement Template
Property Lease Agreement Template