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What Do You Understand By Lease Agreement

A lease is simply a contract between a landlord and a tenant that determines what the tenant pays monthly for rent and for how long. Leases, like many contracts, tend to intimidate some people, as much of the contract wording can be confusing. However, having a basic understanding of what is included in a lease can help you avoid disagreements or unnecessary expenses during or after the end of your lease. Look for conditions that include penalties for late payment of rent or breach of your lease. If you think you suddenly have to move due to a pending job offer, a monthly lease may be a better choice. Most contracts require you to give the landlord 30 to 90 days` notice if you plan to renew the lease. This part of the agreement details whether or not you can make changes to the property. It depends on the owner or the community of owners. The lease termination agreement may also include a buy-back clause. For example, Elizabeth Colegrove of The Reluctant Landlord gives the example that the tenant or landlord can break the lease without penalty as long as they have provided 60 days in advance and a two-month rental fee. A lease term begins when the tenant receives a copy of the lease. However, the lease does not have to be given directly to the tenant; it is sufficient for the tenant to know that the lease is in the hands of a third person acting on behalf of the tenant. .