Exclusive Right to Lease Agreement Florida Association of Realtors

Exclusive Right to Lease Agreement: Understanding the Florida Association of Realtors’ Guidelines

If you’re a landlord in Florida, the first step to a successful leasing experience is having an airtight lease agreement. One of the most important documents in this regard is the Exclusive Right to Lease Agreement, which outlines the terms of the lease agreement between the landlord and the tenant.

The Florida Association of Realtors (FAR) provides a model Exclusive Right to Lease Agreement, which provides a comprehensive framework for landlords to use when renting out their property.

So, what exactly is an Exclusive Right to Lease Agreement, and what does it entail?

An Exclusive Right to Lease Agreement is essentially a legal document that grants the landlord exclusive rights to lease a property to a tenant for a specific period of time. Throughout this time, the landlord is the only party that can lease the property and collect rent from the tenant. In turn, the tenant agrees to lease the property from the landlord for the specified period of time and at the agreed-upon monthly rent amount.

The FAR’s model Exclusive Right to Lease Agreement provides landlords with a detailed template that covers all the necessary aspects of a lease agreement. It includes clauses for things like:

– The length of the lease agreement

– The monthly rent amount

– Security deposit requirements

– Late payment fees

– Maintenance responsibilities for both parties

– Restrictions on the tenant’s use of the property

– Termination of the lease agreement

One of the most important of these clauses is the termination clause, which outlines the conditions under which the lease agreement can be terminated. For example, if the tenant violates the terms of the lease agreement or fails to pay rent on time, the landlord has the right to terminate the lease and evict the tenant.

It’s important to note that the Exclusive Right to Lease Agreement is a legally binding document, so both parties must understand and agree to all the terms outlined in the agreement. As a landlord, you must ensure that your tenants have a clear understanding of the terms of the agreement and explain any clauses that may be confusing or unclear.

The FAR’s model Exclusive Right to Lease Agreement is an excellent resource for landlords looking to draft a comprehensive lease agreement. However, it’s important to remember that this is a general template, and you may need to make modifications to meet the specific needs of your property.

As a landlord, it’s crucial to have a clear, detailed, and legally sound Exclusive Right to Lease Agreement. By using the FAR’s model agreement as a guideline and making necessary modifications, you can ensure that your tenants understand their rental responsibilities and that you have the legal backing needed to enforce the terms of the agreement.