Leasing out a condominium is more critical as compared to leasing smaller properties. One of the documents that condominium owners and landlords must use is known as the condominium lease agreement form which should be agreed and be signed by the tenant who will be renting the property.
Condominium Lease Agreement Form in DOC
General Condominium Lease Agreement Form
What Is a Condominium Lease Agreement Form?
A condominium lease agreement form is a type of document which is used condominium landlords and their prospective tenants. The form can be for residential and commercial leases. Moreover, with a condominium lease agreement form, the landlord will be able to inform the tenant about the rules and regulations that he must follow along with the roles and responsibilities which must be fulfilled to avoid breaching and violating the lease agreement.
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Essential Contents of Condominium Lease Agreement Forms
The most common elements of lease agreement forms would be the description of the premises or property to be leased out and a section for identifying the parties involved along with their roles of titles in the lease. In addition to this, the following contents must also be present in any variety of condominium lease agreement forms regardless of the State or country where the property is located:
- Lease terms and payments: This specific content of the form will indicate the starting date of the lease as well as the number of years or months when the lease will be executed and its termination date. Furthermore, the amount to be paid by the tenant for his monthly and annual rent, the security deposit, and the reservation of the condominium property will also have to be indicated in the form to formally document the tenant’s financial obligation.
- Occupancy and rental clauses: Occupancy clauses will state details about how the property will be used and who is allowed to occupy or live in the property and its premises such as the tenant’s spouse, children, and other permitted individuals. The date when the tenant will need to provide the payments of the lease or the rent and the taxes and fees will also be specified in this content or section of the form.
- Lease inclusions: It is important that the landlord will state in the agreement whether or not the condominium is furnished or not in order to determine what the tenant is accountable for as he lives in the property. In addition, the condition of the property if it is newly established or built, has a garage, a balcony, a terrace, or a pool should also be included.
- Services, repairs, and alterations: The content of this section centers on identifying who will be the party who is responsible for paying the service providers during repairs and alterations in maintaining the property. If the landlord will be shouldering the payments, then the tenant should be informed of the procedures that he must follow such as sending a notice to the landlord immediately after the damage or concern is seen in the property.
- Defaults and remedies clause: The purpose of a defaults and remedies clause is to document the rules to be mandated in the event that the tenant defaults the lease and have failed to meet the cure or the defined remedies in the agreement. Most penalties to be dealt with by the tenant in a default includes termination and cancellation of the lease.
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Varieties of Condominium Lease Agreement Forms
There are several varieties of condominium lease agreement forms which can be used by condominium property owners and landlords, and these are stated below:
Apartment-Condominium Lease Agreement Form – This form variety is not solely made for binding a landlord and a tenant of a condominium property but also in apartment properties or apartment-condominiums. The form is composed of two pages which specifies the terms and conditions, considerations, and the laws which regulate the lease. In the first page of the form, seventeen items are indicated which identifies who the parties are, the address of the apartment or property, the prospective residents and the fees to be paid, as well as the premise’s condition, the term of the lease and the house rules.
Apartment-Condominium Lease Agreement Form
The second page of the form, on the other hand, focuses on the maintenance, repairs, penalties, remedies, and the assignment of the lease. Moreover, in order to complete the form and make it a binding contract or agreement, the parties must affix their signatures on the form in the presence of a notary public or an attorney.
Commercial Condominium Lease Agreement Form – If a condominium property is to be leased for business rather than for residential purposes, then a commercial condominium lease agreement form must be the variety of form to be created and be signed by the parties involved. Since the lease will be used for operating a business, it is essential that the landlord will include special stipulations in lieu of the tenant’s business and the usage of the property. In addition, the tenant will also be subjected to undergo a rental application and verification procedure wherein he must be able to prove his identity and the legality of his business based on the rules of State. A guarantor must also submit a completed guarantor agreement form which will be provided by the landlord as a document to indicate that the tenant’s guarantor legally affirms and accepts his responsibility as the lease guarantor.
Commercial Condo Lease Agreement Form
Residential Condominium Lease Agreement Form – This is the most common variety of condominium lease agreement form that landlords use since it is for residential leases. In the form, the tenant is referred to as the lessee while the landlord is the lessor of the property. Furthermore, the information which is defined in the form include the details of the rental payments and schedules, the length of the agreement, the responsibilities of the tenant, and the inclusions of the lease. There are also clauses which center on either parties’ abandonment of the lease, assignments, amendments, and severabilities.
Residential Condominium Lease Agreement Form
Aside from condominium lease agreement forms, a landlord and a condominium property owner must also use other documents for their lease. And in the event that there are additional terms to be informed to the tenant, a contract addendum must be made and should be sent days before the execution of the terms.
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