What is the importance of a written lease?

The importance of a written lease primarily lies in its function as a reference for lease terms and its provision of legal protection for both landlords and tenants. A written lease clearly outlines the rights and responsibilities of each party involved in the rental agreement, including specifications regarding rent, duration of the tenancy, maintenance responsibilities, and rules governing the rental property. This clarity helps prevent misunderstandings and disputes.

Additionally, a written lease serves as a legal document that can be enforced in a court of law if either party fails to adhere to the terms set forth within it. This protection is vital, as verbal agreements can be challenging to enforce due to the lack of clear evidence regarding the terms agreed upon. Thus, having a written lease is an essential practice in property management that solidifies the legal standing of both the tenant and the landlord.