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Kentucky Rental Lease Agreements | Residential & Commercial

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A Kentucky rental contract is a document used for the leasing of residential or commercial property between a landlord, party that owns the space, and a tenant, the party seeking to occupy in return for payment. After the lessee has viewed the property they will typically have to fill-in a rental application so the owner or their agent may view their employment, credit, and background information. Once the tenant is approved a lease should be drafted that includes the intentions of both parties.

Rental Application – Information requested by the landlord to verify the tenant’s information.

Agreements

Commercial Lease Agreement – Space that is used for a business related use.

Lease with Option to Purchase Agreement – Standard contract for the renting of residential property with the added choice of being able to buy the premises.

Month to Month Lease Agreement (§ 383.695) – A rental arrangement that has no end date but either party may terminate the contract with at least thirty (30) days’ notice.

Room Rental (Roommate) Agreement – Contract between the individuals sharing a housing situation whereas each person has their own room with a shared responsibility for the common areas.

Standard Residential Lease Agreement – Provided by the Kentucky Real Estate Commission (KREC) for all fixed term arrangements that includes the inventory checklist.

Sublease Agreement – For a tenant that is seeking another person to take-over space they are leasing from a landlord in order to move elsewhere or take away the burden of payment.

Termination Lease Letter – Allows a landlord or tenant to terminate their month to month rental agreement with at least thirty (30) days’ notice given to the other party.

Disclosures

Authorized Access (§ 383.585) – Landlord must describe the individuals allowed onto the property such as managers, agents, etc. in the contract prior to tenancy.

Lead-Based Paint – A law created by the Federal Environmental Protection Agency (EPA) that requires the landlord to provide notice to the tenant about the paint on the interior of the property. Only required for buildings constructed prior to 1958.

Move-in Inspection Form (§ 383.580) – State requires the landlord and tenant to walk-thru the property and mark any defects or pre-existing repairs on the property. If the tenant declines to do so then the landlord must have a waiver signed.

Security Deposit Location (§ 383.580) – Landlord must state where the deposit is being held and include the bank’s account number.

Access

According to Statute 383.615 the landlord must give at least two (2) days notice to the tenant before entering the premises for any non-emergency reason.

Security Deposits

Maximum – There is no limit on how much the landlord may ask from the tenant when authorizing the lease.

Returning (Statute 383.580) – The landlord must return the deposit within sixty (60) days from the termination date. If the tenant does not give the landlord a forwarding address within said time-frame they may keep the funds.

Laws

Commercial – KRS Chapter 355.2A

Residential – KRS Chapter 383


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