Types of Residential Lease Agreements to Know About

Posted by Carl Glendon on October 18th, 2019

A formal legal contract, the residential lease agreement is used for leasing of homes and apartments. It is not easy to rent a property given that there is an exchange of money. You need to outline a number of factors first and bind yourself legally to agreements that are made in the contract. All the parties have to be included in the lease agreement for rental property, and are bound to every term and condition. Typically, residential lease agreements are of two types:

Short-term leases

These are also known as indefinite leases, given that these types of agreements can run for an indefinite period of time. Generally, a month-to-month rental agreement is the form of indefinite lease that is used by landlords. As the name indicates, these types of agreements see the renewal of the contract every month. A standard residential lease agreement, in many places, is a short-term lease. For more information about getting a free rental lease agreement, please visit this website.

Long term leases

These contracts have tenants staying in the property for many years at a time, and are covered by Lease Agreement, an agreement that is more comprehensive in form. Like the Month-to-Month Rental Agreement, this is a legally binding document that can stand in any legal court. It is extremely essential for the contents of this agreement to be easily understandable and well-written, particularly by both parties that are involved in the process.

At earlier times, property lawyers or real estate agents were the only ones who could prepare these agreements. This was not just a time-consuming process but also had an extra expense that had to be generally taken into consideration in the rental rates. Landlords and tenants, fortunately, do not have to undergo this laborious process anymore now - given that they can download printable and editable forms from many real estate sites available on the internet. To learn more about drafting a FL rental agreement online, visit this website.

Author Resource:-

Carl writes often about legal drafting, rental lease agreement, marital separation agreement and help the people in such needs. You can find his thoughts at legal contracts blog. For more information about getting a rental agreement in Arizona, please visit this website.