A Condominium Lease Agreement must be used when you renting out a condo which specifies the renters’ and landlords’ obligations and related information. Although owners commonly live in their condominiums, they may also rent them out to tenants, which would require a condominium lease agreement.
How to Write
A condominium lease agreement will be similar to an apartment lease agreement, especially if the condominium is in a complex similar to an apartment complex. Two differences however, are that condominium residents may be subject to certain HOA requirements and certain fees not associated with apartments. The lease must specify that the renter must adhere to these requirements and whether the renter will pay the condominium fees.
Before getting into the terms of the agreement, it must state the owner and renters’ names, addresses, contact information, and the property address. You can also include the renters’ driver’s license numbers and their dates of birth. You must include the length of the lease at the top of the agreement, providing a clear start date and end date. After the body of the agreement, which will cover the obligations and conditions, each party should sign and date the agreement.
Then, the body of the lease should cover a number of important issues:
- The date, method of payment, and amount of rent due
- Who is responsible for paying utilities
- Whether pets are allowed
- Security deposits
- Internal or external improvements (e.g., painting walls, adding fixtures)
- Restrictions on use (e.g., no parking in driveway)
- Disposal of waste
- Whether tenant should carry property insurance
- Restrictions on subletting
- Penalties and remedies for late rent and violations of any other part of lease
It is important to rely on a comprehensive template that covers all of these issues in detail, because this will provide predictability if one of them arises. For example, if the tenant fails to maintain the property according to the lease after the lease expires, this would forfeit the security deposit if the lease states that it will in the security deposit section.
Outlining all of these duties will simplify the tenant-landlord relationship as well, because the tenant can simply refer to the lease when he or she has a question about, for example, whether to remove a piece of furniture, or paying the rent with cash vs. a check.