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Microsoft Word has a variety of tools for creating and customizing contract templates. Contract templates provide consistency by promoting a consistent format and structure, making it easier for you to discover relevant aspects within a contract quickly.

The Free Lease Agreement Template for Word is a clear and specific template that is suitable for making a binding contract. It clearly defines exactly how long the apartment rent is and how much the payment for rent has to be each month. It also includes a specific due date for rent payments.

However, agreement letters almost always contain this information: Contact information for both parties. Location/state whose laws apply to the agreement. Terms and conditions of the business relationship. Terms of payment. Start date of the agreement. End date of the agreement.

Lease Term Definition Defined as the period of time in which a contracted lease is in place, lease term establishes the time period to both the lessee and lessor. Lease terms generally come on 3 forms: fixed, periodic, and indefinite.

A rental agreement tends to cover a short term?usually 30 days?while a lease contract is applied to long periods?usually 12 months, although 6 and 18-month contracts are also common. Once the lease term is up, it usually extends to a month-to-month rental.

Here are some of the most important items to cover in your lease or rental agreement. Names of all tenants. ... Limits on occupancy. ... Term of the tenancy. ... Rent. ... Deposits and fees. ... Repairs and maintenance. ... Entry to rental property. ... Restrictions on tenant illegal activity.

The key benefit of a lease is that you don't need to pay everything upfront. Instead, your cash flow is spread over the term of the lease. It may even be possible to structure your payments to match the cash flow benefits you expect from the asset.

Microsoft Word's Free Lease Agreement Template is a wonderful template for creating a legally binding contract and setting ground rules between the landlord and the tenant.

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.

How to create a lease agreement Collect each party's information.Include specifics about your property.Consider all of the property's utilities and services.Know the terms of your lease.Set the monthly rent amount and due date.Calculate any additional fees.Determine a payment method.Consider your rights and obligations.