A Virginia Residential Lease is a legal document that is used to define the terms of a rental agreement between a landlord and a tenant. It outlines the rental payments, security deposit, the tenant's and landlord's rights and responsibilities, and other important information regarding the rental. The most common types of Virginia Residential Leases are month-to-month leases, short-term leases, and fixed-term leases. Month-to-month leases are renewed on a monthly basis and provide the tenant with more flexibility than other leases. Short-term leases are typically for a period of six months or less and provide the tenant with more flexibility than a fixed-term lease. Fixed-term leases are typically for a period of one year or more and are the most common type of Virginia Residential Lease. All Virginia Residential Leases must include certain information as required by law, such as the name and address of the landlord and tenant, the terms and conditions of the rental agreement, and other important details.
Virginia Residential Lease
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FAQ
Lease automatically may renew on a month-to-month basis unless landlord or tenant gives written notice of non-renewal before the end of the set term.
A Virginia standard residential lease agreement is used by landlords and property managers to make legally binding rental arrangements with their tenants. Under the terms of the lease, the tenant is granted occupancy for a standard term of twelve (12) months for which they must pay monthly rent.
What is Common Law Lease Form for? The Common Law Lease Form is used to record the real estate leasing transaction in the State of Virginia. The document specifies the terms and conditions of the transaction, guarantees individual rights of the parties and determines their responsibilities and obligations.
Is Virginia a Landlord-Friendly State? Overall, this is considered a landlord-friendly state since the Virginia landlord-tenant law doesn't impose any rent control policies for landlords.
Once it is signed by both the landlord and the tenant, the lease is a legally binding contract.
May be week-to-week, month-to-month, six months, one year, or any other length. Lease automatically may terminate at the end of a set term, or renew in absence of advance written notice of non-renewal: Notice period may be 30, 60, 90 days.
One-year leases are by far and large the most popular length for leases. They're good if you have high-quality tenants and an effective tenant screening process in place. In this case, year-long leases are good because it secures good tenants for a long period of time.
Lease agreements tend to last in 12-month periods for up to five or ten years. Rental agreements are much shorter and typically last only thirty days. It is also worth noting that residential lease agreements typically use the term rent.