A lease is distinguished from a lease agreement by the fact that it is not a long-term contract and is usually done from month to month. This monthly lease expires and renews each month after the agreement of the parties concerned. According to a recent survey, which is at a historically high level, about 37% of U.S. households are renters. Apparently, landlords have a plethora of potential tenants to choose from. But it`s important to make sure all your ducks are aligned. Maintenance: The contract must clearly state who must pay the monthly maintenance fee. In order to maximize the potential of your rental unit and avoid any problems, you need a strong lease that delineates the rules relating to ownership, payment procedures and other responsibilities related to leasing. When presenting your lease, make sure that you include general terms and conditions of protection for both the landlord and the tenant.
For real estate or apartments, a rental agreement usually provides for a short-period lease, usually 30 days. Unless the tenant or landlord provides notice of removal, the lease is automatically renewed. The terms of the agreement can also be amended each month. A tenancy agreement or lease is an important legal document that should be concluded before a landlord leases property to a tenant. The two agreements are similar, but they are not identical and it is important to understand the differences. A detailed contract is also in your tenant`s best interest, as it gives them a better understanding of the terms of your rent. The tenancy agreement should include the name and address of the landlord and tenant, the terms of the tenancy, the duration of the lease, the rent and the amount of the deposit, the restrictions imposed on both parties, the terms of termination of the contract, the terms of renewal and the indication of other costs, such as maintenance costs, repairs, etc. Be sure to clearly outline the dollar amount of the rent you charge and when it is due. In almost all cases, the best thing is for the rent to be due at the beginning of the month. In order to reduce costs, tenants and landlords sometimes agree orally on the lease and avoid the execution of a tenancy agreement.