What does a rental lease agreement cost? This is a question often asked by landlords who are planning on renting out a property they own. Let’s explore this question and review some general information about rental lease agreements and how they work.
The average cost for a lawyer to draft a rental lease agreement is $600 on a flat fee. The average cost for a lawyer to review a rental lease agreement is $440 on a flat fee. These cost points come from recent projects on ContractsCounsel’s platform and are averages across all US states.
Based on 14 recent projects completed by lawyers on ContractsCounsel.
Last updated: 30 August, 2024
Create Rental Lease Agreement Review Rental Lease AgreementA rental lease agreement is a legally binding contract between a landlord and a tenant. In the lease agreement, among other provisions, the tenant agrees to pay the landlord a set monthly rate for use of the property.
Rental lease agreements are most often seen for residential properties, like houses and apartments, but they can also be used for commercial properties like office space or a shop for a business.
Rental lease agreements are important documents when renting property. This contract protects both the landlord and the tenant and facilitate a successful renter relationship between the two parties. A lease agreement can be vital in avoiding disputes and resolving a dispute should one occur.
The landlord is typically responsible for providing the lease agreement and many landlords choose to hire an attorney to help draft this essential document. Without a specific and legally binding lease agreement, landlords can be left open to huge risks like property damage.
An experienced real estate attorney will be able to draft a rental lease agreement that protects a landlord and their property and abides by all applicable laws so it can hold up in court.
Based on ContractsCounsel’s marketplace data, the average cost of a project involving a rental lease agreement is $470.
Depending on the type of rental lease agreement, the contract will need to include specific provisions to make sure it accomplishes the goal of protecting the landlord. Rental lease agreements can be customized to be as specific as the parties’ desire, can be negotiated, and can include custom terms and conditions.
At a minimum, the following provisions should be included in any rental lease agreement:
If you are unsure what provisions your rental lease agreement needs, contact a real estate attorney who can either draft a completely new rental agreement or review your current agreement.
There are several types of rental lease agreements and the agreement used depends on the type of property and the goals of the landlord and the tenant.
Some common types of rental agreements you may see include:
Many landlords choose to hire a real estate lawyer to draft their rental lease agreement. Any mistakes or overlooked provisions could leave a landlord open to legal and financial risk. An experienced real estate attorney will know which clauses must be included to protect the landlord’s interests and avoid civil disputes.
When a landlord hires an attorney for drafting services, first there is usually a consult. The lawyer will meet with the landlord to learn about the type of property and what the landlord wants included in the lease. Then the lawyer will draft a lease that the landlord can use.
Rental lease agreements are typically provided by the landlord so without an attorney, a tenant may be at a disadvantage in the rental deal and have a more difficult time negotiating terms.
Some renters choose to hire their own real estate attorney to review the rental lease agreement to ensure the terms are fair, the renter’s interests are protected, and they understand all provisions included in the contract.
Meet some lawyers on our platformRental lease agreement costs can vary based on the document’s length, complexity, and how many custom terms need to be included in the contract.
ContractsCounsel’s marketplace data shows the average rental lease agreement drafting costs are $600 across all states and industries.
If a renter hires a lawyer to review a lease agreement, they will incur legal fees. The lawyer will charge for their time and legal knowledge reviewing the contract and meeting with their client.
ContractsCounsel’s marketplace data shows the average rental lease agreement review costs are $440 across all states and industries.
An hourly rate fee structure is the most common fee structure used by real estate attorneys. Using this fee agreement, the lawyer will provide a client with their hourly rate, and if the client approves, begin working on the legal project. At the end of the job, the lawyer will bill the client for the number of hours spent working on the case.
The marketplace data for ContractsCounsel shows the average hourly rate for a real estate lawyer ranges from $200 - $350 per hour.
When a client hires an attorney for a specific purpose, like drafting rental lease agreement, the attorney may choose to use a flat fee rate instead of an hourly rate.
To come up with a flat fee rate, an attorney will typically estimate the time it takes to complete a project and then apply their hourly rate. While clients tend to prefer a flat rate because they know the cost of their legal fees up front, lawyers can sometimes run into trouble. If a task takes longer than anticipated, a lawyer may not be compensated for their time.
ContractsCounsel's marketplace data shows the average flat fee rate for a rental lease agreement is $470.
Do you need help with a rental lease agreement project? If so, post a project in ContractsCounsel’s marketplace to receive flat fee bids from business lawyers to handle your project. All lawyers on the ContractsCounsel’s platform are vetted by our team to make sure you are provided with top tier service.
ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.