A basic lease agreement is an essential document for both landlords and tenants in Michigan. It outlines the terms and conditions of their rental agreement, helping both parties understand their rights and responsibilities. If you’re a landlord or a tenant in Michigan, it’s crucial to understand what information a basic lease agreement should contain.

Here are some essential elements that a basic lease agreement should have:

1. Identification of the landlord and tenant

The lease agreement should clearly identify the landlord and tenant, including their legal names, addresses, and contact information. This information is essential for communication and legal purposes.

2. Rental property information

The lease agreement should provide a detailed description of the rental property, including the physical address, unit number, and any other unique identifying features. It’s also important to include any additional amenities that may come with the rental, such as parking, laundry facilities, or storage.

3. Lease term

The lease term should specify the length of the rental agreement, including the start and end dates. It’s also important to include information on how the lease can be renewed or terminated.

4. Rent payment

The lease agreement should clearly state the amount of rent due, the due date, and the method of payment. It’s also important to specify any late fees or penalties in case of payment default.

5. Security deposit

The lease agreement should include information on the security deposit, including the amount due, when it must be paid, and how it will be returned at the end of the lease.

6. Maintenance and repairs

The lease agreement should specify which party is responsible for maintenance and repairs, including routine maintenance and any repairs needed due to tenant damage.

7. Prohibited activities and restrictions

The lease agreement should include any prohibited activities or restrictions, such as smoking, pets, and noise levels.

8. Governing law

The lease agreement should specify the governing law that applies to the rental agreement.

In conclusion, a basic lease agreement is an essential document for both landlords and tenants in Michigan. It outlines the terms and conditions of their rental agreement, helping both parties understand their rights and responsibilities. By including the essential elements listed above, landlords and tenants can ensure a clear and mutual understanding of the rental agreement.