Is there a Difference Between a Rental Agreement and a Lease Agreement?
The lease has numerous distinct descriptions however they all mean the same thing. You can refer to a lease agreement as being a rental agreement, a residential lease agreement, a rental contract and ...
This agreement is generally written and ought to include a range of points including the description of the property in question, the address as well as type of residence. The rental agreement will cover all kinds of other items like the particular parties taking part in the agreements and particulars concerning them and whatever they approved. The terms vary from length of the lease term, sum of the security deposit, sum of rent, that is taking up the lease and whose task it is for servicing and servicing of the residence.
The cost of the rental agreement will also be given and this is one of the most significant items that you will find in any lease agreement. It will also explain the consistency of payment is demanded by the contract and to whom the payment is to be made. Of course, this is all pre-negotiated, so there should be no predicaments in the rental contract.
However, it is necessary to check out the contracts right to be sure that everything is covered and that you absolutely familiar with everything. Recall that the residential lease agreement is a legally binding contract which both parties must agree to.
A number of provisions will also be integrated in the contract which you need to take note of. A number of typical specifications that you will find is whether you can sublet the property or whether you may make any modifications to it. In most cases, you will not be able to do either of these and this will be specified in the document. The document is there to protect both the owner and renter and should never be overlooked.
I seriously encourage you use a lease agreement to guard yourself from a sketchy landlord.
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ABOUT THE AUTHOR
Stirling Gardner is an independent writer based out of Los Angeles.