A comparison between rental and lease agreement
When you rent your property, you have to decide whether you wish to rent or lease your apartment. Many people think the rental and renters lease agreement, both are the same things. But there is a difference between a rental agreement and lease. A rental agreement is given to a tenant for a short period of time and it gets automatically renewed, once the period gets end. A landlord can change the terms of agreement with prior notice. A rental agreement is written often for a 30 day period and both you and your tenant are free to change the agreement. A rental agreement is useful if you are giving your property to students of professionals who often moves out.
A renters lease agreement is written for 6 months or a year and the landlord cannot raise the rent during the lease time. The lease agreement does not automatically gets renewed itself and if tenant is interested to stay in the apartment for more months, or a year, they should inform the landlord. A tenant can’t vacate from the property without breaking the lease or they should find someone to take over the lease.
Do one needs written renters lease agreement
The lease agreement is a key document of the tenancy and it includes information such as the length of tenancy, the amount of rent, number of people to live in the property, the amount of maintenance to be paid and security deposit. The lease agreement has to be in written form and this is to avoid any type of issues or disputes.