A residential lease agreement in Memphis is a binding document between a landlord and a tenant. This agreement outlines the terms and conditions surrounding the use of a rental property in exchange for payment.
Residential Lease Agreement Requirements in Memphis
Memphis has no city-specific residential lease agreement requirements or disclosures. As such, landlords and tenants in Memphis follow Tennessee requirements for lease agreements.
Landlord-Tenant Rights and Regulations in Memphis
When it comes to landlord-tenant rights, landlords should be aware of the following:
The City of Memphis administers a program called the Affordable Rental Development Program. This program works with non-profit housing developers to create safe and affordable high-quality rental units for tenants in Memphis.
Optional Lease Agreement Disclosures and Addendums in Memphis
While not mandatory, landlords can add specific disclosures and addendums to their leases. This helps outline the responsibilities of the tenant and can prevent future liability issues.
Crime and Drug-Free Addendum
Due to Memphis having one of the highest crime rates in the U.S., it would be in the landlord’s best interest to include an addendum stating that engaging in criminal activity, including drug-related activity, is prohibited on or near the property.
Due to the humid climate in Memphis, landlords may want to include a mold addendum. This will prevent landlords from being liable for future mold-related damage.
Summary of Required Lease Disclosures for the State of Tennessee
- Landlord’s Name and Address – This creates a line of communication between a landlord and a tenant. Landlords or any authorized individual should provide contact information within or alongside the lease.
- Security Deposit Holdings – When charging and holding a security deposit, Tennessee landlords must disclose the location of the account where the deposit is being held.
- Right to Enter for Showings – This disclosure states that the landlord may enter to show the property without permission if the entry occurs within 30 days of the lease termination and 24 hours’ notice is given.
- Lead-Based Paint – It is a federal law in the United States that any home built prior to 1978 must disclose the risks posed by lead-based paints.