Oklahoma Residential Lease Agreement Form
Oklahoma is an attractive state to live in because of its affordable housing and lower cost of living. If you’re considering moving there, you’ll need to contact realtors and learn more about the first step to tenancy — the residential lease agreement form.
What is a residential lease agreement form? It is a document that a landlord and tenant sign regarding the use of the real estate for lease. Before signing the lease agreement form, a potential tenant needs to have their application approved first. They need to submit a rental application form, which gives the landlord authority to initiate a background check. After the landlord evaluates the application and approves it, both parties can move on to the standard lease.
The lease contains details about the property —how big it is and if it has a single room or multiple ones, among others. The document will also indicate the lease period, rent amount, and the terms and conditions of the stay.
More importantly, the responsibilities of both parties should be included in the lease: the tenant should pay rent on time and take care of the property. The landlord’s role includes making sure that the property is safe for occupancy. If something in the rental unit breaks or becomes damaged, the landlord should have it repaired immediately for the safety of the occupants.
Required Disclosures
- Lead-Based Paint Disclosure - Under federal law, the landlord has to disclose if there is lead-based paint in the home. This usually happens when the structure was built before 1958, the year lead-based paint was banned. The landlord should also provide the tenant with educational materials about the dangers of lead-based paint (Lead-Based Paint Disclosure § 1018).
- Prior Methamphetamine Production - The tenant has the right to know if the unit or property has been previously used for methamphetamine production. The landlord is obligated to disclose this information before the lease agreement is signed unless the level of contamination is negligible (Oklahoma Statutes § 41-118 (C)).
- Flooding Disclosure - The tenant needs to be informed if the property experienced flooding in the last five years. If it did, the landlord should issue a simple written disclosure (Oklahoma Residential Landlord and Tenant Act § 113a).
Rent Grace Period
Oklahoma has a rent grace period of five days. This means that the tenant has five days after the rent is due to pay the owed amount. Failure to remit rent after five days gives the landlord the right to ask the tenant to move out and start the eviction process.
Security Deposits
An Oklahoma landlord may ask for as much as three months’ worth of rent as a security deposit. While it may seem steep, the amount is refundable, unlike the rental application fee. The security deposit is a buffer fund for the landlord in case the property sustains damage while being leased, used to cover unpaid rent or to cover early termination fees if the tenant wishes to stop renting before the agreed-upon lease period is over.
In Oklahoma, the security deposit must be kept in an escrow account. When the lease ends, the tenant must submit a written request to initiate the return of the security deposit. Once received, the landlord has 45 days to return the money with a written explanation if there are any deductions.
If the tenant doesn’t submit a written request within six months after the lease ends, the landlord can keep the money from the deposit (Oklahoma Statutes § 41-115).