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Difference between Lease and Rental Agreement

The basic difference between the lease and Notarized Rent Agreement terminology is the time period they cover. The lease agreement covers a longer period of time, supposedly 15-30years, whereas the rental agreement covers a shorter period of time, like 30 days. When the lease period is completed, it can be extended to a month-to-month Online Rental Agreement.

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Difference between Lease and Rental Agreement

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  1. Difference between Lease and Rental Agreement For the layman, the lease and rental agreement may seem the same. However, there is a subtle difference between the two. The lease and rent agreement can be the same in the basic sense, but the difference between the both is very legal and logical. Lease Vs. Rental The basic difference between the lease and Notarized Rent Agreement terminology is the time period they cover. The lease agreement covers a longer period of time, supposedly 15-30years, whereas the rental agreement covers a shorter period of time, like 30 days. When the lease period is completed, it can be extended to a month-to-month Online Rental Agreement. Similarities of leasing and Rental Agreement The common factors of the leasing and renting are-

  2. They are specific to the time period It includes a clause for the security period and how it can be used by the landlord. They specify utility and maintenance costs and how the tenant is responsible for damages and maintenance. They also list down the restrictions and limitations of access to places and services by the tenant to avoid any argument. It is always advisable to closely understand the terms and conditions before signing them. Difference between Leasing and Renting To understand the difference between the leasing and rental agreement, let's see the pros and cons of the two. Pros of leasing Rent control- the lease agreement is made for a longer period of time without any clause for an increment of rent. You can renew the lease rent without any change in the lease amount. Stability- lease agreement gives a sense of stability to the user of the lease agreement. It can be entered in between the parties who know and trust each other for such a long period of time. Cons of Leasing Not flexible- since the changes are not an art of the lease agreement, they are not flexible. The renewal may be easy and at the same rate, but you cannot revise the Legal Documentation or terms of the lease as per the requirement. Harder to move If you are a tenant in the lease house and want to move to the home city for your family, you cannot abruptly end the lease. However, you can sublet the leased property.

  3. Pros and cons of Rental Agreement Pros of renting Can be re-negotiated- with the rental agreement, the landlord can make changes and re-negotiate the terms of the rental agreement. Flexible- the rental agreement is more flexible as you can renew and change the terms after the agreement period expires. Cons of Rental agreement Rent increase- the renewal of the agreement may result in a rent increase. Stability- Landlord and tenant have the right to walk out. Hence, rental agreements and Encumbrance Certificate Online can be less stable for living purposes.

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