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Page 4 of 30 |
What is a lease or rental agreement? |
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A lease, sometimes also referred to as a rental agreement, is an agreement between a landlord and a tenant which gives the tenant the right to use and occupy rental property for a period of time. When a tenant turns over the right to use and occupy rental property to a subtenant, the agreement is sometimes referred to as a sublease.
A lease can be an oral agreement, or it can be in writing. If the lease extends beyond one year, most states require that it be in writing. An oral lease has the disadvantage of future misunderstandings over terms of the agreement, and potential problems for enforcement of terms between the landlord and the tenant. At the end of the lease, use and possession of rental property must be returned to the landlord. In addition to other responsibilities, a lease requires the tenant to pay the landlord a specified amount of money each month; this payment is called rent. |
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