Leasing Agreement Form: What to Cover?
If you think that Leasing Agreement form is exclusive to cars or real estate only, you need to get your facts straight. Leasing agreement can be for anything – from business machinery to real estate. Depending on your needs, you need to find the right form because it will be the one determining whether your action is legal or not.
The Basic Concept
A lease agreement is a legal written document between the owner (often said as the lessor) with the user or the renter (the lessee). The most common agreement types are for vehicles, machinery or equipment, or real estate. As it was mentioned before, the agreement can be various in forms and purposes – such as a lease with a specific term, with the option to buy, and such things like.
The Crucial Element
Keep in mind that an agreement must contain all the crucial information regarding the two involved parties. It should have the full identities of both parties. Don’t forget that it must contain the nature of the transaction, such as for how long, how much is it, whether there is an extra fine for late payment or not, and such thing alike. The agreement should also state the law governs the agreement. No matter what kind of Leasing Agreement form you use, those forms should contain these elements.
The Basic Coverage
There are several types of leasing agreement that you should be aware of, whether it is for business or personal use.
- Real estate. The agreement must contain the description of the property, its function, and whether it is for commercial or residential. Besides covering facts such as trash disposal, utilities payment, and building repair, it should also list the special conditions like the licenses from state or municipal regulatory agencies.
- Trucks and cars. The agreement should contain the full description of the vehicle, the license numbers, and the identification elements, including licensing, insurance, and such thing alike.
- Machinery and equipment. The format may be almost the same as the vehicle leasing form, but it has special options like varying payments for seasonal use or the defer payment until a certain task has been done. Again, such information should be detailed.
Getting the Forms
It is advisable that you get the right template for your need. After you get one, you need to check whether it has all the elements you need. There are several websites allowing you to make changes to the original templates and then you can still save and print it. We also have the Leasing Agreement form template and its various forms.