Rental vs Lease Agreement?

by Cierylene Piernes


Posted on 2019-05-08 13:14:51


agreement 3.jpgThe lease or rental agreement is the key document of the tenancy, setting out important issues such as:

-the length of the tenancy, start or end date may be indicated
-the amount of rent and deposits the tenant must pay
-the number of people who can live on the rental property
-who pays for utilities

-who’s responsible in maintaining the lawn/garden
-whether the tenant may have pets
-whether the tenant may sublet the property
-the landlord's access to the rental property, and

-who pays attorney's fees if there is a lawsuit concerning the meaning or implementation of the lease or rental agreement

 

In other term, it sets out all the terms and conditions of the lease or rent between tenant and landlord, where both agrees to abide. Most of the time it is a must to be in written form as it is easier to document in case there are any disputes or misalign information.

 

A written rental agreement is used for tenancy for a short period (often 30 days) that is automatically renewed at the end of the period unless the as is tenant or landlord ends it by giving proper written notice. For these month-to-month rentals, the landlord can change the terms of the agreement with proper written notice.

A written lease, on the other hand, gives a renter the right to occupy a rental unit for a set term -- often for a longer period of time (i.e. six months or a year but sometimes longer) -- as long as the tenant is in good faith, pays the rent and complies with other lease provisions. The landlord cannot raise the rent or change other terms of the tenancy during the lease, unless the tenant agrees.

Unlike a rental agreement, when a lease expires it does not usually automatically renew itself. A tenant who stays on with the landlord's consent after a lease ends becomes a month-to-month tenant, subject to the rental terms that were in the lease.


Other Recent Posts

  • Tips on How to Avoid Rental Fraud
  • Tenant's Abandoned Personal Property
  • Tenants Need to Know About Apartment Inspections
  • Tenant's Rights Violated
  • Establishing Rental Standards
  • Common Reasons Tenancy Ends
  • Rent Collection Tips & Techniques
  • To Rent or Not to Rent to Pet Owners
  • Knowing Your Rights as a Tenant
  • Methods of Collecting Rent
  • Most Common Lease Violations
  • The Pros and Cons of Renting
  • Security Deposit FAQs
  • Normal Wear and Tear vs Damage
  • Tenant Qualities that Landlord look for
  • Marketing your Rental Property
  • Advantages and Disadvantages of Homeowners Association
  • Routine Property Inspection
  • Odor in Your Apartment and How To Get Rid of it
  • Tips on Managing Property
  • Late Rent Fee
  • Basic Landlord's Obligations
  • 30 Day Notice
  • Benefits of Paying Your Rent Online
  • Prorated Rent for Tenants
  • Questions to Ask Before Signing a Lease
  • When Tenant Makes Improvements
  • Tax Advantages of Being a Landlord
  • Landlord's Right of Entry
  • A Day in the Life of a Landlord
  • Common Potential Problems Landlord Might Face
  • 6 Ways to Keep Good Tenants
  • Maintenance Requests: Reduce Tenant Complaints and Decrease Liability
  • Ending a Lease Agreement FAQs
  • 8 Ways Renters Can Save Money
  • More Income Streams from Your Properties
  • What Renters Need to Know When the Property is in Foreclosure
  • Ways to Increase the Cash Flow on a Rental Property
  • Documenting Wear and Tear vs Damage
  • Moving Out
  • Landlording, Then and Now
  • Considerations When Running a Virtual Property Management Business
  • Benefits of Air Conditioning
  • Big Guys vs. Little Guys vs. College in Property Management
  • 5 Ways to Show Appreciation to Your Tenants
  • Moving In
  • Reasons Why Landlords Screen Tenant Applicants
  • SUBLETTING FAQs
  • Will You Allow Smoking in Your Rental Property?
  • Your Roommate Is Moving Out