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Terms of Leasing and Renting Property

rentalleaseguideJan 8, 2019, 3:07:00 PM

When someone desires to have possession of property temporarily, contracts called rental agreements for this scenario are documented between them and the owners of the property. The terms and conditions to rental agreements are regulated by an authority called contract act which ensures that the conditions are in accordance with the requirements laid down by law. The contract contains details concerning the property being rented, the owner of the property, the person renting the property, the time agreed for renting the property, the amount of money that will be paid for renting the property for the specified time and other details relevant in the contract.

When renting property like real estates, farming land, residential places, storage facilities, business premises, space for parking and other reasons, rental agreements are required for all these situations. When a contract between landlord and tenant expires, a fee which the tenant had paid at the time of renting called a deposit is returned to the tenant provided they leave the property in good conditions. The only difference between a rental agreement and lease agreement is that rental agreements are used for renting property for a short period of time while lease agreements are contracts for leasing property for long periods of time.

Rental agreements can be issued for various types of renting contracts like for month to month rental agreement which are contracts for renting property on monthly basis but for indefinite amount of time and termination will happen after a landlord or tenant issues a vacation notice before the rent payment is due. Tenants can agree with landlords that they have to rent the property for a given minimum number of months before they can vacate and in so doing the tenant may be charged a fee or leave their deposit to the landlord if they vacate before the set period has passed. Fixed term rental agreements are used when a tenant rents a property from the owner for a specified length of time and restricts the landlord from changing the rent payable and other terms for that period of time and also expects the tenant to obey the agreements.

All the terms of a rental agreement should be read and understood since one may face consequences like being fined or face legal consequences for not abiding by these rules. Making sure that property is insured and that the landlord is the legal owner as well as comparing the terms to the terms set by the authorizing body is helpful to avoid unwanted situations like results of accidents. Click here for more: https://www.youtube.com/watch?v=g-BUd22Vf20.