A residential agreement, also known as a lease agreement, is a legally binding contract between a landlord and a tenant. It outlines the terms and conditions under which the tenant can live in the landlord's property.
Here are some key points about residential agreements:
Purpose: It establishes the rights and responsibilities of both the landlord and tenant.
Content: It typically details the rental amount, lease term, security deposit, and expectations for maintaining the property.
Legally Binding: Once signed, both parties are legally obligated to uphold the terms of the agreement. This is where the notary should be present, as a witness to the signing.
In Virginia, a residential agreement can be written or oral, but a written lease is always recommended to avoid any misunderstandings