As a dependable and responsible tenant, you must ensure that you have a legally binding agreement with your landlord before moving into a rental property. A lease agreement is a legal document that establishes the terms and conditions of your tenancy, the rental payment, and the obligations of both parties. However, many renters are unclear about who actually needs to sign the lease agreement. In this article, we will discuss who needs to sign a lease agreement and why.
Landlord and Tenant
The two primary parties involved in a lease agreement are the landlord and the tenant. The landlord is the owner of the property, and the tenant is the individual or party renting the property. Both parties are required to sign the lease agreement to make it legally binding. By signing the agreement, the landlord guarantees the tenant the right to occupy the property and use it for its intended purpose, while the tenant promises to adhere to the terms of the agreement.
Roommates
If you plan on sharing the rental property with roommates, it is advisable to have all the occupants sign the lease agreement. Roommates are considered subtenants, and they have a legal obligation to adhere to the lease agreement`s terms and conditions. Having all parties sign the lease agreement ensures that everyone is aware of their obligations and responsibilities towards the property.
Guarantor
In some cases, landlords may require a guarantor to sign the lease agreement. A guarantor is a third party who assumes financial responsibility for the rent payment if the tenant fails to meet their obligation. The guarantor is usually a close family member, friend, or employer.
Minors
In most states, minors are not legally allowed to sign contracts, including lease agreements. However, some states might allow minors to sign a lease agreement if they have written consent from their parents or legal guardians. In such cases, it`s essential to read and understand the applicable rental laws in your area.
Conclusion
In conclusion, all parties involved in the tenancy agreement should sign the lease agreement to make it legally binding. These parties include the landlord, tenant, subtenants/roommates, and guarantor (if applicable). A lease agreement protects both landlords and tenants, establishes the rules for the tenancy, and specifies the length and terms of the rental period. Always ensure that you read and understand the lease agreement`s contents and ask for clarification where necessary before signing the document.