A rental agreement is an agreement or contract between two parties. In this specific agreement, there will be temporary possession and may be terminated after the specifically agreed interval of time.
The rental agreement is not only confined to properties. It can be broadened to the terms of renting a product for some piece of time too. There are multiple terms specified for a rental agreement, like if some property is to be rented then the owner of a property is named as a lessor while the person who is taking the property on rent is referred to as a lessee. A rental agreement must not be confused with a lease.
What are the types of rental agreements?
Rental agreements can be of multiple types. These can vary from month-to-month agreements to a fixed terms lease as well. The types of these agreements differ from each other based on terms and conditions. Below is written a brief description of each type of rental agreement:
- Month to Month Rental Agreement: Month-to-month rental agreements can be made verbal as well as written. But these agreements do not contain any specified time limits. The owner can terminate the contract whenever he wishes to do so before even a month ends. Month to month lease can be terminated by any of the parties. If the lessee has made a non-refundable security installation, then this rental agreement provided must be written and well explained with the terms and conditions on which the agreement between the lessor and lessee is made. Both parties agree before the actual rent of property and are also completely aware of the outcomes of the month-to-month lease agreement.
- One-way lease agreements: One-way rental lease agreements are those contracts in which the landlord will get benefit if a lessee moves out before the actual time of agreement is accomplished. In this case, a termination fee or a deposit charge becomes applicable to the lessee if he moves out before the agreed time on the rental contract which in this maybe several months. Some states in the world do not allow such agreements.
- Fixed-term lease agreements: This type of agreement is the most common residential tenancy agreement. Such agreements include a fixed contract with the terms that a renter cannot increase the rent for an agreed period. Also, the person, who is willing for taking the property on rent, is not allowed to vacate the property before the agreed time. Many people prefer such types of contracts since these give a little benefit to both parties.
Summing up these types, we would say that fixed-term lease agreements are the best for property renting purposes. If you are looking for a place on rent for a longer duration i.e., at least 8-10 months, then we will recommend that you go for a fixed-term house rental agreement. While others can be given a chance if you decide to rent a property for a shorter duration. It is just a simple opinion, everything else is completely up to you depending on your terms and conditions.
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