Legal Definition of a Lease Contract
A lease is a contract between a tenant(s) and A Management Company that gives a tenant the right to live in a property for a fixed period of time, typically a 12- month rental period.
This then binds the tenant and the management company to the clauses that are set forth.
Both parties sign the contract, to show they are in agreement.
Importance of knowing the Lease Contract
It is always important that the lease contract is read over and understood. If the contract is not understood then it will make it more difficult for you to answer questions regarding the contract.
99% of the questions any resident may have can be answered through the lease contract.
Knowing the contract and knowing what can be done through it will reduce the opportunity of any misunderstandings with any resident.
*If you do not understand something on the lease contract, make sure to ask your manager immediately*