Lease Contract

Lease Contract

Introduction

The above mentioned contract is employed or used when anyone is interested in renting a house or apartment for specific period of time. It is an agreement between two parties namely the owner and the renter that creates a legal obligation on both of them to follow the conditions mentioned in a contract. The owner of the premises makes a contract mentioning all the important conditions and information on a piece of paper that the tenant needs to know and fulfill the required condition during his tenure of contract.

Discussion

This lease agreement binds the two parties and each party the renter and owner gets something of value and benefit in return. The owner gets a specific sum of money in the form of rent while the renter or the tenant gets the facility to reside the rented place according to the terms and conditions mentioned in the contract. The agreement had various condition in it which the lessee or the tenant must keep in mind while residing in house and abide by rules given in the contract to avoid any type problem. The lessor or the owner of the house must also satisfy certain conditions that he has promised in the contract for long term satisfactory agreement during the stay of the lessee. The contract contains information regarding the amount of rent that the lessee has to pay on monthly basis. It also mentions that the one month rent and security deposit that the lessee has to pay in advance must be paid to the lessor in advance before moving in the house. The security deposit will be returned to the lessee after the termination of the contract, once has vacated the house and paid off all the pending payment and cost of house maintenance. This contract has been basically designed to protect the rights of the lessor and lessee both in case of situations, for example the lessee is supposed to keep the house in good condition but the maintenance charges that are related to the regular repairing of the house like paint and other periodic wear and tear as mentioned in the law is to be borne by the lessor. The right of lessor have been safeguarded by making lessee responsible for causing any damage to the property, internal or external. The house must be kept in the same condition in which it was given to the lessee at the time of contract. The beneficiaries in this contract are the agent who is working as a middleman between the lessor and the lessee and gets commission from both the parties if the deal works out and the contract is signed. The agent may get a commission from the party for whom he is working or from both depending upon the terms and conditions and law. Additionally the law attorney may be another third party beneficiary in case any of the party performs breach of contract by breaking any of the presented terms and ...