Leasehold Agreements
A leasehold agreement, or lease, is an agreement made between a landlord and a tenant. It is a contract stating the terms and conditions of a property rental between the two parties.
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Purpose
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Almost any property rented by a person requires a leasehold agreement. This agreement protects the landlord and allows the tenant a written record of the agreement. If a tenant defaults on the agreement, a leasehold agreement is a legal document admissible in court. A landlord uses this as a basis for repayment or eviction.
Details
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A leasehold agreement contains the date of the agreement and the names of both parties. It also includes the address and location of the property being rented.
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Conditions
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This agreement states the requirements of the tenant. It lists the security deposit amount along with monthly rental amount and due dates. It contains the conditions and rules of the rented property including the term of the lease. Among these things, the lease also stipulates uses of the property, conditions of the property, rules of sub-letting and alteration restrictions and guidelines.
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