What Is a Lease Agreement?

Article by Charmaine Chido Makichi

 

A lot of people tend not to understand what a lease agreement is, how is it used and why it is used. So, in today’s article I am going to explain more on all of that.

A lease is a contract by which one party conveys land, property, services, etc. to another for a specified time, usually for a long period of time. A lease is a document signed by the lessor and the lessee to show that they both are agreeing to the terms of conditions in the lease. A lease agreement can be prepared by the owner or the agent representing the owner.

A lease is a document written by the lessor (the owner of the property) to the lessee (tenant). The lease contains where the property is located that is the address, Landlord’s responsibilities as well as the tenant’s responsibilities too. The tenant’s responsibilities include the rent, deposit if there is any, rent due date. The lease also contains the consequences of breach of contract, its duration, pet policies and any other essential information.  The lease must have both the lessor’s and the lessee’s details as well as their signature.

A lease serves as a binding  legal agreement between the owner of the property and the tenant, this means it is very important to make sure it thoroughly addresses the rules, policies, and conflict resolution procedures for living in the rented property.  It has to clearly defines tenant and landlord responsibilities since it is a long-term agreement.

In the Zimbabwean contexts, a lease agreement under normal circumstance is usually valued for a year, subject to renewal or extension if the involved parties are agreeable.

Home seekers are advised to insist on a lease agreement before renting a property so as to avoid unnecessary inconveniences in the event of disagreements.

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