Puerto Rico Residential Lease Agreement (Annual or Monthly). Is a document used for occupying space for a specific period of time in exchange for rental payment between lessor and lessee. The terms are negotiable between two parties, once signed the form is considered legally and mutually binding.
A Residential Lease Agreement, also known as a rental agreement, is a legal contract between a landlord and tenant that outlines the terms and conditions of renting a residential or commercial property. The lease agreement typically includes details such as the rental amount, due date, security deposit, location of the property, personal details of the lessor and lessee, and length of the lease, as well as other details specific to whether the property being leased is a residential property or a commercial property. The lease agreement also outlines the responsibilities of both the landlord and tenant. This may include anything from maintenance of the property for as long as the tenant is using it, to particular things that are and are not allowed on the property per the landlord’s instructions, as well as regulations or policies on the use of common areas in the property that will be shared with other tenants (if applicable), such as a garage, elevators, and lobby. The agreement may be used for a wide variety of different properties, such as houses, condominiums, apartments, and the like. It can also be used for room rentals, though a different form may be used depending on what the lessor and the lessee need.
You can find a sample lease agreement template here. While this template is for a Puerto Rico Residential Lease Agreement, depending on your needs, this template can be added to or otherwise modified to better suit the situation that you need. Lease agreement templates will generally include as many terms as possible in order to cover all the bases, so make sure that you are aware of and note down all of the terms in your own agreement. Remember to read through all parts of the lease agreement, especially those that do not require you to enter information. This is crucial in ensuring that there are no problems with lease agreements, and is a good principle to go by for any written agreement in general.
Enter the municipality of Puerto Rico that the premises are located in, as well as the street address of the location being leased.
Mark the relevant line that indicates whether this lease term will have a specific end date or if the lease will be by month. If the former, enter the lease termination date.
Enter the total amount that must be paid for rent per month. Then mark the lines corresponding to which forms of payment will be accepted by the landlord, and to what name and address the payment should be made to.
Enter the amount that will be given to the landlord to serve as the tenant's security deposit for the duration of the lease.
This section states that the tenant has checked the premises and confirmed that they are in good condition.
This section states that the tenant will not assign or sub-let the premises without the express permission of the landlord.
This section states that the tenant will not make any changes to the premises without the express permission of the landlord.
This section states the conditions and provisions for what will happen if possession of the premises is not delivered properly.
This section states that tenants will not be allowed to keep hazardous and dangerous materials and objects within the premises.
This section states that the tenant will be held responsible for arranging for and paying for all utility services required on the premises.
This section states that the tenant will keep up the maintenance and repair of the premises as necessary for the duration of the lease, as well as other various rules about what is and is not allowed on the premises.
This section states that the tenant is aware of and accepts all risks and hazards the property is subject to due to its geographical location, and that the landlord’s insurance does not cover the loss of the tenant’s possessions.
This section outlines the terms and conditions that can be expected in the event of the premises becoming destroyed or damaged.
This section states that the landlord and their agents have the right to inspect the premises at reasonable times for the duration of the lease.
This section states that this lease will be subordinate, junior and inferior to any and all mortgages, liens, or encumbrances placed on the premises by the landlord.
Enter the amount that will be due per month as rent in the event that the lease ends and the landlord and tenant create a month-to-month arrangement.
This section states that the tenant will surrender the premises in good condition and as they were at the beginning of the agreement.
Enter the number of domestic dogs, cats, or birds the tenant will be allowed to keep within the premises. Then enter the amount that must be paid to the landlord by the tenant as a pet deposit.
This section states that the tenant may enjoy premises for the term of the lease for as long as all payable sums are paid.
This section states that the landlord cannot be held liable for damage or injury of the tenant or premises.
Enter the amount that must be paid as a late fee in the event that the tenant is late in making any particular payment or payments.
This section outlines what can be expected should the tenant abandon the premises during the term of the lease.
This section states that, in the event that a legal case is raised for any dispute related to this agreement, the losing party will pay for the prevailing party’s attorney fees and court costs.
This section states that should any part of this agreement become invalid or impossible to enforce, that all other parts of the agreement will still be considered valid.
This section states that all of the provisions included in this form will be considered binding on and inuring to the benefit of the heirs, legal representatives, and assigns of the parties hereto.
This section states that all pronouns used in this form will included any gender whenever applicable.
This section states that no indulgence, waiver, election, or non-election by landlord will affect the tenant’s duties and liabilities.
This section states that all parties involved with this agreement agree that this document contains the entire agreement between the parties, and will not be changed in any way.
This section states that the landlord and tenant waive the right to a jury trial concerning any disputes which may arise concerning this agreement.
This section reminds all parties of the health risks that potential radon gas leaks pose, and that additional information on the protocols for such leaks and for radon testing can be found from the public health unit.
Enter in the space provided any additional terms not already included above.
Have the landlord and tenant sign the form in the space provided, then enter their names and the date that they signed the form.
What is the purpose of a Security Deposit?
The security deposit serves as a pool of funds from which the landlord may pull to repair damages to the property. If there is anything left of the security deposit upon the termination of the lease agreement, that amount will be returned to the tenant.
Can a lease agreement be renewed?
Yes. Tenants may contact landlords when the end date of the lease agreement draws closer in order to renew the lease for an agreed upon amount of time.
Can the landlord increase rent during the term of the lease?
Yes. However, the landlord must provide prior notice to the tenant, and (whenever possible) provide an explanation as to why the rent must be increased.
Can the security deposit be used for unpaid rent?
Only if the landlord agrees to allow it.
Can the lease agreement be modified after signing?
Yes, so long as all parties involved agree to and are aware of the modifications being made.
Who is responsible for paying the property taxes?
This will generally be outlined in the lease agreement itself. For example, the landlord may choose to pay for the property taxes themselves, or they may include the property taxes in the monthly rent.
What are the things included in monthly rent?
This will depend on the agreement and the landlord, but monthly rent will generally pay for electricity, water, and other necessities associated with the maintenance and use of the premises.
Does a lease agreement need to be notarized?
No, but it is an option available to landlords and tenants should they wish to ensure that no fraud is occurring with the agreement.
Is a lease agreement legally binding?
Yes. Make sure to read and understand all parts of it to avoid any issues.
Is legal advice necessary for a lease agreement?
No. However, it may be beneficial to have a legal professional look over the agreement to ensure that all terms are fair and logical for both parties.
What is subletting?
Subletting refers to a tenant leasing the property they are themselves leasing to another person.
Can a lease agreement be signed electronically?
Yes, so long as both parties have a copy for their own personal use and consultation.
Can I assign a representative to sign the lease agreement on my behalf?
Yes, as long as you provide the representative with the necessary documents and any other evidence asked for by the landlord that are needed to prove that they are acting on your behalf.
If I am renting a property with one or more other people, can we split rent between ourselves?
Yes. Tenants may divide the amount of rent that needs to be paid amongst themselves to make it easier for each of them to pay rent (and for any other services) each month.
Is insurance available for damages to rental properties?
Yes, renter’s insurance is provided by some insurance companies for tenants who live in a rented dwelling
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