Reasons to have a written agreement (with family)
A lease is recommended to outline, in writing, the following:
- Lease Term. Both parties understand the rent amount, end date, and conditions for moving in.
- Tenant’s Responsibilities. Such as a security deposit, utilities, repairs, and any other obligations.
- Default. In the event someone doesn’t hold up their end of the tenancy, what happens if the lease is broken.
- Termination (month-to-month lease). If a month-to-month lease, there should be terms on how much notice is required to terminate the lease.