Residential Lease Agreement
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Residential Lease Agreement
A Residential Lease Agreement is an agreement for one person (the "Lessee") to rent the property of another (the "Lessor") for residential purposes over a specific period of time.
A Residential Lease Agreement identifies basic information about the lease such as the property to be rented, the period of the lease, the security deposits, and the monthly rental payments. It outlines the obligations of both the Lessor and the Lessee during the period of the lease.
A Residential Lease Agreement is a legally binding contract between both parties. It contains the following information:
- Description of the Property - The description of the property should indicate the type of property to that will be rented and the address of the property.
- Period of the Lease - The period of the lease is the amount of time that the Lessee can take possession of the property.
- Parties Involved - The parties are the Lessor and the Lessee or their representatives. Both parties must be of legal age to enter into a contract. The Lessor may be an individual or an organization such as a corporation or a partnership.
- Representatives - If the Lessor is an organization, it must appoint and authorize a representative to sign on its behalf. The authority of the representative should be evidenced in a document such as a Secretary's Certificate. If the Lessor and/or Lessee is an individual, their representative must have either a General Power of Attorney or a Special Power of Attorney that authorizes them to enter into the lease agreement on behalf of the Lessor or the Lessee. If the period of the rent is for more than one year, a Special Power of Attorney is needed.
Rent - The parties may set the amount of monthly rent to be paid by the Lessee for the lease of the property. The parties may also agree on the manner and time of payment of the monthly rent. Advanced Rent and Security Deposit - The Lessor may also require the payment of advanced rent and security deposit.
- Advanced Rent - The advanced rent is usually paid at the signing of the Agreement. It may be applied as rent for any of the months during the lease period, as agreed upon by the parties. If the property is located in a highly urbanized city and the rent is equal to or less than Ten Thousand Philippine Pesos (P10,000.00) or if the property is not located in a highly urbanized city and the rent is equal to or less than Five Thousand Philippines Pesos (P5,000.00), the Lessor cannot demand more than one (1) month advance rent.
- Security Deposit - The security deposit can be used to settle rent, unpaid electric, telephone, water, or such other utility bills or repair any damage to the property caused by the acts or negligence of the Lessee. If the property is located in a highly urbanized city and the rent is equal to or less than Ten Thousand Philippine Pesos (P10,000.00) or if the property is not located in a highly urbanized city and the rent is equal to or less than Five Thousand Philippines Pesos (P5,000.00), the Lessor cannot demand more than two (2) months security deposit which must be kept in a bank under the Lessor's account name during the entire duration of the lease. Any and all interests earned shall be returned to the Lessee at the expiration of the lease contract.
Terms and Conditions - The parties can also set out the terms and conditions for the lease of the property. Some examples of terms and conditions are:
- if the Lessee can use the property for anything other than residential purposes,
- whether guests can stay overnight, the number of residents in the Leased Property,
- whether pets are allowed.
How to use this document
Once the document is completed, the user should print at least three (3) copies of the document and attach all the Annexes described in the document. The Lessor and the Lessee, or their authorized representatives, should read and then sign all the copies of the document.
Once signed, the Lessor and the Lessee should each keep at least one (1) copy of the document.
If the parties would want to notarize the Lease Agreement, the document also includes an Acknowledgment portion. Notarization of the document converts the document from a private document to a public document so that it becomes admissible in court without the need for further proof of its authenticity. To notarize the document, the parties must go to a notary public to acknowledge that they have signed the Lease Agreement freely and voluntarily. They should also present a valid I.D. issued by an official agency bearing their photograph and signature such as a driver's license or a passport, among others.
Once notarized, the Lessor and the Lessee should each keep at least one (1) copy of the notarized document.
Applicable Law
The Civil Code of the Philippines governs the law on contracts and leases. Additionally, Republic Act No. 9653 (the "Rent Control Act") as extended by the National Human Settlements Board Resolution No. 2021-02, governs lease contracts that fall under the following conditions:
1. The property is located in the National Capital Region or highly urbanized cities and the total monthly rent ranges from One Peso (P1.00) to Ten Thousand Pesos (P10,000.00)
2. The property is located in other areas and the monthly rent ranges from One Peso (P1.00) to Five Thousand Pesos (P5,000.00).
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Guides to help you
- What to do after Creating a Contract?
- When the Rent is not Paid
- How to Change the Landlord or the Tenant in a Lease Agreement?
- When and how to Notarize a Document?
Other names for the document: Bedspace Lease Agreement, Condominium Lease Agreement, Dormitory Lease Agreement, Lease Agreement for Residential Property, Residential Lease Contract
Country: Philippines
Housing and Real Estate - Other downloadable templates of legal documents
- Residential Sublease Agreement
- Demand Letter for Return of Security Deposit
- Demand Letter for Ejectment
- Renter's Letter to End Lease
- Notice of Lease Violation
- Maintenance Request Letter
- Landlord's Letter Denying a Sublease
- Parking Space Rental Agreement
- Landlord's Consent to Sublease
- Letter of Intent to Renew Lease
- Letter Requesting for Extension of Period to Pay or Discount on Residential Rent
- Lease Amendment Agreement
- Letter to Request the Landlord to Sublease a Property
- Landlord's Letter to End Lease with a Definite Term
- Assignment of Lease Agreement by the Lessee
