Lease

Names of the Parties

The first portion of a lease identifies the landlord and tenant. When multiple adult tenants will be occupying the property, all tenants’ names and signatures typically appear on the lease. With their names on the lease, each tenant has rights to the property and, if necessary, may individually or jointly take action to enforce the agreement with the landlord. Similarly, the landlord can hold the tenants jointly or separately responsible for complying with the lease's provisions.

Identification of the Property

Leases identify the specific property to which the tenant is gaining the rights of use and possession. In a lease for an apartment, for example, a simple street address and unit number or letter may be adequate. A lease for a house on a large tract of land, however, might require a more detailed method of property identification.

Term of the Lease

The term of a lease refers to its starting date and, if known, its ending date. Some leases do not have an ending date but instead have provisions that give either party the right to terminate the agreement by giving advance notice to the other party. Leases with fixed start and ending dates are often called “stated period leases” and leases with unspecified ending dates are often called “period-to-period leases.” Some leases combine these types of terms, such as a lease for 1 year that converts to a month-to-month lease at the end of that year unless one party gives notice of termination to the other party.

Rent and Rent Payment Details

Leases specify the amount of rent and the frequency of rent payments. Rent is usually paid periodically over the lease term rather than all at once. The periodic rent amount may be fixed for the full term of the lease, or it may change according to the lease provisions. Most leases specify that rent must be paid in advance, meaning that the rent must be paid at the start of each rent period. Leases often define the day that unpaid rent is “late.” As of that day, the tenant is obligated to pay a specified late fee in addition to the unpaid rent. Leases may also state the day on which the landlord can initiate eviction or other legal action against the tenant if the rent and late fee remain unpaid.

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