When it comes to renting out a property, it`s important to have a leave and license agreement in place. A leave and license agreement is a legal contract between the landlord (licensor) and the tenant (licensee) that outlines the terms and conditions of the rental agreement.
Here are some important clauses that should be included in a leave and license agreement:
1. Duration of the agreement:
One of the most important clauses in a leave and license agreement is the duration of the agreement. This clause should clearly state the start date and end date of the agreement.
2. Rent and security deposit:
The agreement should clearly state the amount of rent and security deposit to be paid by the tenant. It`s important to specify the due date for rent and whether there will be any late fees.
3. Maintenance and repairs:
The agreement should outline the responsibilities of the landlord and tenant when it comes to maintenance and repairs. This includes who is responsible for repairs and how they will be handled.
4. Use of the property:
The agreement should specify the purpose for which the property is being rented. If the property is being rented for residential purposes, then it should not be used for commercial purposes.
The agreement should clearly state whether subletting is allowed or not. If subletting is allowed, then the conditions and restrictions should be clearly outlined.
6. Termination of agreement:
The agreement should specify the conditions for termination of the agreement by both the landlord and tenant. It should also specify the notice period required by either party to terminate the agreement.
7. Legal disputes:
The agreement should include a clause for legal disputes. This clause should specify the jurisdiction and the court that will handle any legal disputes that arise between the landlord and tenant.
In conclusion, including these important clauses in a leave and license agreement can help protect the interests of both the landlord and tenant. A leave and license agreement is a legal contract and should be given the due attention it deserves. By including these clauses in the agreement, you can ensure a smooth rental experience for both parties.