Personal Property Lease Agreement

A Personal Property Lease Agreement is a document used to reflect a contract made between the owner of a piece of property, known as the Lessor, and someone who pays that owner to possess and use the property for a predetermined period of time, known as the Lessee. Most people associate leases with the rental of a home, business space, or vehicle. However, a personal property lease can be used to lend or borrow other types of personal property (i.e. property which is movable and not fixed to one location like real estate or a building), such as expensive jewelry, furniture, instruments, or clothing. Using a personal property lease protects both parties from any misunderstandings or miscommunications that may arise during the term of the lease by providing written documentation of the lease terms.

How to use this document

This document contains all of the information necessary to create a thorough and complete property lease. The document contains pertinent identifying details, such as the Parties' respective addresses and contact information. It also includes the most important characteristics of the agreement between the Parties, such as a description of the property being leased, any location restrictions about where the property may or may not be used, whether there is a security deposit and, if so, the amount of that deposit, and who is responsible for paying for taxes and/or insurance on the property. The agreement also outlines the payment schedule and amount the Lessee will be required to pay to adhere to the agreement, as well as any possible late fees if payments are not made on schedule. Finally, the agreement details whether the Lessee will be given the option to purchase the property after the lease is over and if so, the purchase price of the property.

After including all of the required information, the Agreement should be printed and signed by both Parties. The Parties may each keep a copy of the document on file for the duration of the Agreement as well as for a reasonable period of time thereafter.

Applicable law

Personal Property Lease Agreements, like other lease and general purpose sale agreements in the United States, are generally subject to both federal law and specific state laws, which cover general contract principles like formation and mutual understanding.

How to modify the template

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.