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Information gleaned from the application, tenant screening report, and the landlord's research is used to arrive at a decision based on the landlord's rental criteria. Applicant-initiated tenant screening services are beginning to emerge. Under this model, applicants order reports on themselves and grant access to prospective landlords.
A residential lease must include the parties, the premises (the address or relevant space), and the term of the lease. The lease term can be indefinite but must be stipulated as such in the document. Typically, leases will also include the price of rent per month or per term, but this is not legally required.
A rental agreement, or lease, is the contract defining such terms as the price paid, penalties for late payments, the length of the rental or lease, and the amount of notice required before either the homeowner or tenant cancels the agreement. In general, responsibilities are given as follows: the homeowner is responsible for making repairs and ...
A housing lease may specify whether the renter is living alone, with family, children, roommate, visitors. A rental may delineate the rights and obligations of each of these. For example, a "sub-let" to a stranger might not be permitted without permission of the landlord. This also applies to whether or not pets may be kept by the renter.
The landlord may also be able to impose a new lease on the holdover tenant. For a residential tenancy, such new tenancy lasts month to month. For a commercial tenancy of more than a year, the new tenancy is year to year; otherwise, the tenancy lasts for the same length of time as the duration under the original lease.
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