There are many different options and avenues to take when deciding on how to handle paying for a new home or place of residence. Everyone already knows about the option of buying a place of residence but sometimes leasing and renting can get confusing for those interested in a new home but do not quite have the funds to buy it. A lease agreement or a rental agreement is a vital legal document that should be completed prior to a landlord renting property to a tenant. While both agreements are similar in nature, they are not the same and it is important to understand the differences when dealing with a house rental service. Spring Hill residents should be aware a lease agreement is very specific in detailing the responsibilities of both parties and it includes all the required information to ensure that both parties are protected.
Leases are a little different from rental agreements as they are for a set time (usually twelve months) and for a set price that cannot be changed. This ensures that the landlord cannot arbitrarily raise the rent and the tenant cannot just leave the property whenever they want without any repercussions. In order for a lessee to live on the property after the lease has ended, they would have to sign a whole new agreement with their house rental service. Spring Hill residents need to be aware that a landlord is not obligated to renew the terms of the old lease and is free to change the terms and the rental amounts if they desire to. or this reason, some tenants prefer to sign a longer-term lease if the monthly rent is very reasonable and in an area where rents are likely to increase during the term of the lease.
A rental agreement differs from a lease agreement as it is not a long-term contract and usually occurs on a month-to-month basis. This month-to-month lease agreement expires and then renews each month upon agreement of the parties involved. All the same stipulations are included in a month-to-month lease as are in a standard lease; but the difference is either the tenant or the landlord can alter the terms of the agreement at the end of each month. When dealing with a house rental service, Spring Hill landlords have the option to raise the rent or request that the tenant quit the premises without violating the rental agreement. A landlord must give a proper 30-day notice to quit, however, prior to requesting the tenant leaves the property.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of A Plus Realty Management*