Rental Agreement

Rental Agreement

Rent and Lease Agreement

A lease or a rental agreement is a vital legal document that should be completed before a landlord renting a property to a tenant. While both agreements are comparable, they are not the same and it is important to understand the differences. The major difference between the two is duration.

What is a lease agreement?

A lease agreement is a contract between a landlord and a tenant that covers the terms of renting out a property, for some time, usually 12 months or more. The lease agreement also includes the responsibilities of both parties, and it involves all the required information to ensure that both parties are protected.

Advantages of Lease and Rental Agreement

Fosters Business Relationships

A general agreement, protecting the benefits of both the landlord and the tenant, is important to a good business relationship among the two parties.

Legal Protection

When a deal includes such a huge asset, it will require a document in place that grants legal security, in case any action of the opposing party denies its terms.