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Last Updated August 9, 2009 |
A residential lease agreement is a contract between a landlord and a tenant for the lease or rental of a house, apartment, condominium, duplex or other residential property. Both the landlord and tenant should carefully consider the terms and form of the agreement before signing as an agreement that is signed by both parties becomes a legally binding contract.
The PartiesThe parties to a lease are the landlord and one or more tenants. The landlord is the rental property owner, his agent, or a rental management company. The landlord agrees to allow the tenants to live on the property in exchange for the payment of rent. The tenants are the residents of the property who pay rent to live on the property.
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