A basic rental agreement or residential lease is a formal agreement that outlines the terms and conditions of a tenant’s tenancy. Tenants generally have three months to move out if they do not agree with the lease. Tenants usually require the landlord’s permission to move out. In this article, we will discuss some of the basic terms of a basic rental agreement or residential lease.
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The term “lease” in a rental agreement means the actual legal arrangement between the landlord and tenant where both parties have a lease. In a basic rental agreement or residential lease, the tenancy term is set out in terms of time. Tenants usually pay rent monthly in advance, but sometimes the landlord might charge a nightly fee for extra security, or even offer an incentive to move out sooner.
Sometimes tenants do not occupy the property during the first six months of their lease. In these situations, the landlord has the right to evict the tenant from the property at any time if they do not pay rent on time. If the tenant does not agree to move out early, they are responsible for any damage to the property and may be liable for the cost of any repair work carried out by the landlord.
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Most landlords will advise tenants on the amount of rent that they can afford. In some cases, if the tenant’s rent does not cover the expenses, the landlord may decide to raise the rent to cover the cost of running the property. Some landlords will also charge penalties for late payments.
Tenants usually pay a security deposit in advance of moving out. This deposit protects the landlord from any damage done to the property by the tenant. The tenancy agreement will outline how much the landlord will withhold from the deposit, and also what the tenant is to do with the money after the lease is ended.
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In some cases, a tenant can apply to increase the rent that they are paying at the end of the initial agreement. The landlord will formally object to the application or may not be able to refuse it if the new rent does not go beyond the level of the original agreement. Tenants often use this tactic to force the landlord to accept a better offer.
A basic rental agreement or residential lease can be a useful guide for new tenants and landlords. It outlines important points that need to be noted for the tenant’s future reference.
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