Lease Agreement 101

An Offer To Lease is typically a legally binding contract between a Landlord and a Tenant and is the guiding document outlining the business terms between the two parties prior to the two parties executing a Lease Agreement.

Usually the Offer to Lease prevails over a Lease that has not been executed but once a Lease is executed than the provisions of the Lease then prevail over an executed Offer to Lease.

Depending on the wording of an Offer to Lease, some Landlords will allow a Tenant to have vacant possession of a premises once the Offer to Lease is executed and the security deposit is paid.

An Offer to Lease is usually a 2-3 page simple document in an effort to bind both parties more quickly in comparison to the time that it usually takes to review, amend and execute a Lease Agreement.

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