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An Indiana Lease Agreement between a landlord and a tenant is an agreement that allows the use of a property (residential or commercial) by a tenant/renter in exchange for regular rent payments. If they are interested, a unit inspection should be carried out and a lease application should be filled out with their credit and background information. Tenant approval is confirmed after the landlord has appraised the tenant/renter’s credentials. A negotiation about security deposits, rent, and each party’s obligations can only start after the landlord has reviewed their credentials and the tenant has been validated.
Here, we have about six (6) types of lease agreements. These include
Commercial - This is used to rent any property that a tenant will use to conduct business (such as an office, store, or warehouse). This outlines the rights and responsibilities of a landlord and a tenant who wants to rent the space for business use.
Month-to-month - This allows the landlord or tenant to rent a property with at least a month’s notice anytime either party wants to cancel. The tenancy is granted to a renter on a per-month basis.
Rent-to-own - This agreement has the added benefit of property ownership. The renter commits to renting a property for a period of time with a purchase option at the end of the lease term.
Roommate - A contract between tenants of the same property. This is employed to avoid disagreement among housemates. A typical example of this is a dorm roommate agreement drafted by universities for students living on campus.
Standard - Most commonly used agreement for renting a residential property. It’s a fixed term, usually for a period of a year (12 months) or any time period agreed on by both parties.
Sublease agreements - This allows the original tenant (sublandlord) of a property to rent out a portion or all of the property to another tenant (subtenant or sublessee) for a particular period of time.
Knowledge about the property shared by the landlord with the renter beforehand is known as a disclosure. There are only two (2) required disclosures in this section. They include;
Lead-Based Paint Disclosure
The lessee must attach, initial, and sign the disclosure form if the landlord's property was built before 1978, according to federal law. This is because lead-based paint was still in use before that time.
Managers and Agents (§ 32-31-3-18)
The landlord must include the name of the person who is permitted access to the property, as well as an address for notices and repairs.
Landlords, meaning to avoid monetary losses as a result of damage caused by their tenants, commonly solicit security deposits. This is a source of incentive employed by the landlord, guaranteeing a reimbursement if the tenant properly maintains the unit.
Note: There is no state cap/maximum. The landlord is free to ask as much as he desires from the tenant. Within forty-five (45) days of terminating the lease and returning the property to the lessor, all landlords are expected to return the money to the lessee (§ 32-31-3-12).
Download Indiana rental agreement in your preferred format. Conversely, you can also create a personalized lease agreement using our document generator.
Step 1: Enter the signing date, the landlord's information, and the tenant's information (Name, Mailing Address, City, and State)
Step 2: If it's a fixed lease or a month-to-month lease, check one of the boxes. If the lease term/tenure is fixed, select one of the two alternatives if no renewal is requested at the end of the term/tenure.
Step 3: Check one of the boxes if the property has any additional inhabitants besides the tenant.
Step 4: Fill in the blanks with information about the property (Mailing address, city, state, residence type, number of bedrooms and bathrooms)
Step 5: Indicate the tenant's or occupant's purpose and use of the property, as well as the furnishing and provision of appliances, by checking one of the boxes.
Step 6: The following parts require data for the rent, NSF (Non-Sufficient Funds) checks, late fees, 1st month's rent, prepayment, proration period, security deposit, and move-in inspection report.
Step 7: Fill in the blanks on the landlord's and tenant's obligations and rights using the information in the following sections. Parking, property sale, utilities/services, early termination, smoking policy, pets, waterbeds, mailing addresses, subletting, right of entry, maintenance/repairs, retaliation, surrender of premises, disputes, non-habitability of premises and lead paint are all examples of these.
Step 8: Include any extra terms and conditions that apply. By signing and printing their names, all of the persons involved have agreed to all of the terms and conditions.
Note: The tenant's print name and signature must be written and signed twice by the party.
Step 9: The total amount due at the time of signing should be mentioned and thoroughly explained. All fees are included, including the security deposit, first month's rent, parking and pet fees, rent prepayment, and proration amount.
Step 10: The final section focuses on disclosing information about lead-based paint and/or lead-based paint hazards. It requires all parties involved to sign and print their names, indicating that they agree to the accuracy and truthfulness of the information presented.
Note: The tenant's print name and signature must be written and signed twice by the party.