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Leases are generally legally-binding contracts between two parties: the lessor and the lessee. They involve a piece of property rented out by the owner (the lessor) to the lessee or the tenant.
A standard rental contract in Georgia, also known as a Georgia residential lease agreement, is a legally binding document that outlines the terms and conditions for the rental of a property.
Countable noun. A lease is a legal agreement by which the owner of a building, a piece of land, or something such as a car allows someone else to use it for a period of time in return for money.
For example, the original tenant might have put holes in the wall to make a new passageway or undertaken other major work on the property. At the end of the lease, the new tenant must fix those issues and return the property to the condition that it was in at the start of the lease.
Here is an example of a rent amount clause in a lease: "The Tenant agrees to pay $12,000 as rent, to be paid as follows: $1,000 per month, due on the 1st day of each month. Payment of the first month's rent and any security deposit is due upon the signing of this Lease by the Tenant.
Yes, tenants may legally break their lease for any reason. However, Georgia law establishes some conditions that need to be met if that tenant wants to avoid paying penalties. Including an "Early Termination Clause" helps both the landlord and tenant end a lease agreement without any severe legal problems.
A Georgia lease agreement is a rental contract between a tenant and a landlord/owner of a residential or commercial property. The terms and conditions of each lease vary depending on the type of property and the needs of both parties.
Here's a list of common fields that should be covered in your lease agreement: Basic information about all tenants. Include the full name and contact information of each tenant. ... Description of rental property. ... Security deposit. ... Monthly rent amount. ... Utilities. ... Lease term. ... Policies. ... Late fees.