Contracts between Property Owners and Tenants
Contracts written to specify the conditions expected from property owners and those intending to rent the property for a short period of time are called rental agreements. Contract law manages and regulates the contracts between property owners and lessees. 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.
Rental agreements can be used for real estate renting, renting residential houses, parking spaces for parking vehicles, renting places to store goods, for renting places and property to conduct business in, renting property for agricultural purposes, renting to the government, renting property to institutions and for many more reasons. 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.
A month to month rental agreement is a contract for renting premises on a monthly payment basis and no specific time of tenancy is given but rather the contract can be terminated when one party decides to vacate and gives a notice to the other party at a convenient time usually before the due date of rent payment telling them of their intentions to terminate the contract. 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. For people certain about the length of time they wish to lease or rent a property, a fixed term lease contract can be signed between the tenant and landlord which demands that all rules specified at the agreement time stay the same thereby forbidding landlords and property owners from increasing the rent or changing any other rule for the whole period of time.
When signing agreements for renting or leasing property tenants should consider some factors like the terms of the contract and ensure they understand all the rules to avoid being charged for breaking the rules or facing action when they are not in line with the requirements. It is also vital to ensure that a property owner has proof of ownership and met the rules set by authorities like having insurance covers for the property to avoid inconveniences like renting property belonging to other people or being taken advantage of.
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