The leases are contracts concluded by the owner of a property whether home or commercial space, with the tenant or tenant who is leaving.
These agreements like “Form Letter to Account for Yearly Interest in Security Deposit and Last Month”are arranged in a well organized manner as a standard rental contract specifically stating all terms and conditions.
The agreement forms retain a standard format that covers all aspects of the lease such as the cost of rent, number of guests, duration of rent, security deposits, specification rooms or spaces, furniture and many others.
There are some differences in commercial lease agreements and leases residential and separate forms are available for this, and they were written by professionals.
Very few people realize the importance of the standard form is a legal document that can stand in the court of law if necessary.
Most people rent their properties on the basis of a verbal agreement or recommendations by relatives and friends.
This is definitely not a wise thing to do as often, we see that tenants are either leading an undisciplined life or abusing space causing enough trouble and damage to property.
Many tenants are found to be defaulters as after some time their rent payments become irregular.
In this case, the owner is quite at a loss, as the verbal agreement can not be imposed by law and it can not take any legal action against the defaulting tenant. A well documented agreement form could have saved the owner of these disorders.