The Oregon Standard Lease Agreement drafts a genuine written commitment for a tenant to rent a residential unit for a predetermined period and monthly rental rate. Building or apartment owners seeking compensation in exchange for extended property use rights can utilize a leasing document to secure the terms of the understanding. During the negotiation segment of the deal, the accord’s particulars can be hammered out to form the structure of the contract’s contents. Once both parties agree to the conditions, the arrangement can be noted utilizing the provided form for recording purposes. Here the information on the tenant(s), landlord(s), and property managers can be registered with noted contact information on each. Additional provisions are included to specify payment and deposit amounts and lease expiry date along with policies and procedures to be followed for the length of the leasing period. Signatures from all parties must be marked in the appropriate areas of the paperwork to execute the lease.
Rental Application – Before the formulation of a leasing contract, it is important to vet a potential tenant to be entrusted with the property. An application for tenancy is given to a possible lessee to be filled out before entering into an agreement. Once the owner has access to the applicant’s background, they can screen the individual to ensure credibility and ability to afford the rental payments.