Personal Guarantee Lease

What is lease agreement?

A lease agreement is a legally binding contract between a landlord and tenant that outlines the terms by which the tenant can rent property from the landlord, such as the duration of the lease, the monthly rent amount, and maintenance responsibilities.

Who needs a residential lease agreement?

Anybody involved in leasing a property should have a residential lease agreement that defines the terms of the agreement and keeps all involved parties protected by law. These individuals include property managers looking for tenants and vice versa, social service providers looking for supportive housing, real estate agents, and anyone renting or looking to rent a property.

What is the difference between a lease and a rental agreement?

In the case of real estate or apartments, a rental agreement typically provides for tenancy for a short period of time, usually 30 days. Unless the renter or landlord provides a move-out notice, the lease is automatically renewed. The terms of the agreement can also be changed each month.

A lease provides the tenant the right to occupy the property for a specific term, which typically runs from six months to a year or more. Unless the tenant agrees, the terms of the lease cannot be changed by the landlord.

Also, a lease does not usually automatically renew. A tenant who continues to stay at the property converts to month-to-month until a new rental or lease agreement is signed.

These conditions are not unique to this type of property. They can also apply to the rental of equipment, automobiles, and other items.

Can I write my own lease agreement?

Yes, you can. A lease is an agreement between you (the landlord) and your tenant. Leases usually include the standard items, such as the amount of rent, the duration of the lease, who is responsible for various maintenance items, and the penalties that can be assessed for not following the terms.

With Jotform, you can create a lease template and use a form to collect specific information that changes with each lease, such as the tenant’s name, rent amount, etc. You can also accept digital signatures when it’s time to sign the final document.

What should I include in a lease agreement?

1. Terms. The lease should state the length of the agreement.
2. Rent. The amount of rent and when it is due.
3. Deposits and fees. Declare whether you require a security deposit and first/last month’s rent.
4. The names of all tenants. Every adult who will live on the property should be included.
5. Occupancy limits. This should specify that only the adults who signed the lease and their minor children can occupy the property.
6. Restrictions on disruptive activity. Include text that prohibits behavior such as excessive noise and illegal activity.
7. Pets. Let the renter know if you will allow pets and, if so, what type.
8. Maintenance and repairs. Outline the tenant’s responsibility to keep the property clean and pay for damages due to abuse.
9. Utilities. Establish who is responsible for utilities, and what will happen if a payment is delinquent.
10. Entry to the property. Clarify your rights to access the property to make repairs, and how much advance notice you will provide.

Can a rental agreement be used as proof of address?

In most cases, a valid rental or lease agreement can be used as proof of address. You can use Jotform to produce a PDF file of the lease for your tenant.

Is a lease cancellable?

A lease is usually for a fixed term, such as one year. However, a landlord may waive any penalties and allow a tenant to break a lease. You are advised to consult your local real estate laws.

Does a lease need to be notarized?

A lease is a contract between a landlord and a tenant. Usually, there is no requirement to have it notarized. Jotform allows you to include digital signatures, such as DocuSign, on your lease agreement, which are usually legally binding.

Glossary of Lease Agreement Terms

1. Landlord (lessor): A landlord is a person who owns land, houses, or apartments and rents or leases them to tenants.
2. Tenant (lessee): A tenant is a person who rents land or property from a landlord.
3. Security deposit: A security deposit is paid by an incoming tenant in order to secure the lease from a landlord. It can either be a partial payment toward the tenant's monthly rent or a security measure for the landlord in the event of property damages.
4. Common area maintenance (CAM): Common area maintenance (CAM) fees — common in commercial and industrial leases —are paid by tenants to help cover expenses for internal and external common areas like hallways, elevators, shared bathrooms, parking areas, and more. CAM fees vary by circumstance, so amounts should be agreed upon by both the landlord and the tenant and explicitly laid out in their contract.
5. Renewal option: A renewal option is included in a rental or lease agreement and outlines the terms and conditions for extending the original agreement. Landlords are not required to extend or renew a lease without a renewal option outlined in the agreement, so it’s important to include a renewal option if you intend on renewing the lease.
6. Periodic tenancy: Periodic tenancy is the possession of a property with no determined end date. As opposed to a fixed-term tenancy, the tenant decides when to end the tenancy. This is especially common for month-to-month leases.
7. Guarantor: A guarantor is the person responsible for taking care of and paying for the property if the primary tenant fails. Guarantors are often required for student lease agreements, or for tenants without steady employment.
8. Cosigner: A cosigner is a third-party person that shares the responsibility of paying rent with the primary tenant, though they are not required to live on the property.