A lease is a legal term used in the field of real estate. Simply put, it is a legal binding document which outlines the numerous terms and conditions under which one person agrees to rent his property to another person. A lease is a document which allows the lessee, the person who is renting the property the right to a particular asset, in this case property, and allows the lessor, the person who owns the property to receive regular payments for a fixed period of time from the renter. While this may sound confusing, it is actually a very simple and convenient concept. You can also see Rental Agreement Template. It forms the basis of a harmonious relationship between the lessee and the lessor or the renter and the owner. A Lease Template being a legal document works as a legal contract. Thus you can very well imagine the depth and seriousness of the document. Crafting such a document is never easy, especially with both parties involved. This may be the first time you are creating such a document; nevertheless, you can reduce your workload by simply getting your hands on great lease templates in word. Not only does it make your work easier for you, but also makes sure that you’re able to finish on time.
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> Types of Leases
These are the most common types of leases found-
- Financial lease– This kind of lease is one where the owner transfers all the rewards and risks associated with the asset over to the renter. Once the lease period draws to an end, the renter eventually gains ownership of the asset. It is also called a full payment lease.
- Operating lease– In this kind of Agreement in Word, the term period is very short. The owner or the lessor actually depends on a number of renters or lessees in order to meet his cost. Gaining ownership is not as easy here as the financial lease.
- Sale and Lease Back– This kind of lease, the Lease Agreement Template to sell an asset to the lessor or the financier, on the basis of an agreement that has been carefully drawn.
- Direct lease– This is the simplest kind of lease. Here, either the lessor acquires the property or owns it. It is as simple as that. It is often referred to as a bipartite lease as well.
> Why Do You Need Lease Templates?
Now that you know about the different types of lease, you know that a lease is not child’s play. It is a highly complicated document which needs careful attention and a degree of cautiousness. Both the parties must be well acquainted with each and every term in the lease, so as to avoid all confusions later on. Hence you can see for yourself that a lease is something you cannot create alone, unless of course, you take the help of lease Free Templates on Word. These have been specifically designed to fulfill all the criteria that a lease demands. The sample lease templates could serve as a guide while you craft your own lease contract. What more could you ask for?
> How To Create A Lease?
- While creating a lease, keep in mind the following steps – First and foremost, you must make a note of all the terms and conditions in the agreement. Check and recheck your facts to make sure you haven’t made a mistake or left something out. Even the tiniest omission may lead to utter chaos later on.
- Both the parties must be equally represented. Both the renter and the owner are to benefit from the agreement, hence they must be given equal importance.
- You must have an idea of the law in your country related to real estate, especially in the field of renting property. Only then can you create a good and sound lease contract all by yourself.