Main Parts of a Lease Agreement

The following is a summary of the major components that you

will want to include in your lease. This is meant to be a guide to
help you consider what terms are important to you. You should
check with your state legislature on laws that pertain to rental
housing so you do not include terms that are not legal. You should
also consider having an attorney review your lease to make sure it
is completely enforceable if court action is necessary.
 Names of Tenants

Include the first and last name of all tenants who will be
residing in the premises. Only these persons will be
considered tenants and held accountable for the terms of the
lease. Make sure the names of all tenants are included on the
lease before you allow entry to the property.
 Lease Term

What is the length of time that the lease is valid? Generally in

a college town, a time frame of 1 year is optimal. This allows
you to lock tenants in for a full year including the summer
months, but gives you an opportunity to make rent increases
each year. State the specific dates the lease will begin and
end.
 Payment of Rent

Include the amount of rent due, when it is due, the form of

payment who a check should be made out to, where the rent
should be delivered, what happens if the rent is late or short.
 Deposits

Most states will allow you to hold a deposit of up to 1 1/2

months rent as a security for damages or unpaid bills. Include
how much the deposit will be, where it will be held, when it
will be returned, what items you will deduct from the deposit,
who the deposit will be returned to. State what will happen to
interest earned on the deposit.
 Fees, Fines, Charges

What fees or charges will tenants be responsible for such as

late rent, bounced check, city fines, court charges. Also, spell
out what utilities tenants will be responsible for if they are
not included in the rent.
 Responsibilities

Provide details for each responsibility of the tenants and the

landlord. Include to whom and when repairs are to be
reported, when repairs will be made, lawn maintenance
requirements, snow removal duties, garbage/recycling
disposal
 Access to Premises

Indicate your expectations for access to the property for

repairs, inspections, to show potential tenants or buyers.
Include how much notice you will provide and what will
happen if there is no response. Tenants should not be able to
change locks to deny you access.
 Use

State that the intended use of the property is a residence for

only those included in the lease, no illegal activities are
permitted, running a business from the residence should not
be allowed, peaceful enjoyment of the other tenants and
neighbors is required.
 Other Rules

State all other rules or obligations that tenants are to abide by.