A residential lease often requires the tenant to live on the property. Many residential leases are valid for one or more years, though many landlords are more flexible, allowing tenants to enter residential lease agreements for periods of six, or even three months. This agreement allows the tenant to reside at, or use the property for the duration of the lease in exchange for rental payments. Residential Lease AgreementĪ residential lease agreement is a contract made between a landlord and a tenant for a certain period of time. The terms of a lease agreement remain valid for the entire term, but the terms of a rental agreement can be changed by either party with sufficient notice. This is known as a month-to-month tenancy. At the end of the rental period, the rental agreement automatically renews for the next period. Where a lease agreement for real property, such as a home, is commonly signed for a period of six months to one year or more, a rental agreement is usually only valid for 30 days. Rental AgreementĪ rental agreement is similar to a lease agreement, but only provides for use of the property for a short period of time. ![]() Repairs and Maintenance – Who is responsible for repairs and maintenance to the property.This is most often used in commercial rental agreements. Insurance – Whether the lessee is required to maintain insurance on the property.Utilities – Which utilities are included in the rent, and which utilities the tenant is responsible for.Terms of Use – The purpose for which the property is to be used, and other issues, such as illegal acts committed on the property, or with the item leased.When referring to a car, it may list the people allowed to drive it. Occupancy – The maximum number of occupants permitted in the building. ![]()
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