Residential Lease Agreement With Option To: Fill & Download for Free

A residential lease agreement can be created online. Several things are included in a lease contract. The names and contact information of landlord and tenant, address and types of property being rented, lease start and end date, amount when rent is due, late fee, details of security and pet deposits etc. The rental lease agreement also contains the option to renew the lease or purchase a property. The residential lease agreement may also include the information about who will pay for the electric, water, gas, garbage, lawn care etc. It also contains the details of policies and permissions.

If the lease agreement names “Party X” as the tenant, and “Party X” signs the lease agreement, then Party X is obligated under the lease agreement. Most residential lease agreements have a provision governing who may occupy the premises during the term of the lease — those provisions usually prohibit the tenant from (i) subleasing the property or (ii) allowing third parties to occupy the unit. If the landlord discovers that the tenant is in violation of the lease agreement in this regard, the remedies section of the lease agreement will allow the landlord, at its option, to declare “Party X” in default and evict Party X and anyone else occupying the premises.

Yes, you can cancel a residential lease agreement for an apartment, but you may be penalized for it.If you fail to pay the penalty, your Landlord may initiate a lawsuit that will force you to begin debt repayment, which would negatively affect your credit rating for 7 years and may make it more difficult for you to rent a new place in the future.However, there are some ways to cancel a lease without a penalty, or at least mitigate some of the penalties and repercussions.This website has an excellent article about how to cancel a lease or mitigate the penalties — I’ve condensed their suggestions below, but you can read the complete article here:How to Break an Apartment Lease Agreement Without PenaltyCheck to see if the lease agreement contract has been breachedIf the other party has broken part of the contract, you are legally permitted to cancel the agreement. You can find a comprehensive list of details that can be included in a lease agreement here --Lease Agreement - Create a Free Rental Agreement Form. Some of these policies may be in your own lease agreement, which you can use as a reason to terminate your contract prematurely.Check to see if there’s an early termination clauseSome lease agreements allow for early cancellation, however it may be dependent on encountering a hardship or some other situation such as job loss, medical issues, divorce, or job transfer.Just ask the LandlordIn many cases, simply asking if you can cancel the lease without penalty will work, if the other party is amicable.Pay off the lease balance over timeIf you must pay a penalty, you can mitigate the financial burden by asking to pay the balance over time, though you may incur interest.Forfeit your Security DepositThe landlord may agree to cancel the lease, provided you give up your security deposit. While not ideal, it is better than hurting your credit rating.If possible, sublet your rental propertyIf you can find a short-term renter, and it is allowable in your lease agreement, subletting may be your best option for legally extracting yourself from the premises.I hope this answers your question.