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Simple English definitions for legal terms
Rental agreement
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A quick definition of Rental agreement:
A rental agreement is a contract between a landlord and a tenant. The landlord allows the tenant to use their property for a short period of time, usually one month, in exchange for the tenant paying rent. The agreement should include information about the landlord, tenant, property, rent payment, duration of the tenancy, rules for using the property, and how the contract can be ended or renewed. A rental agreement is different from a lease agreement, which is a longer-term contract.
A more thorough explanation:
A rental agreement is a contract between a landlord and a tenant. The agreement allows the tenant to use and occupy the landlord's property for a short period of time, usually one month. In exchange for the tenancy, the tenant pays rent to the landlord.
A written rental agreement should include:
- Identification of the landlord and tenant
- Identification of the property
- Terms and conditions for the rental payment
- Duration of the tenancy
- Terms and conditions for the tenancy
- Liability rules for damages and repairs of the property
- Rules for the termination and renewal of the contract
For example, if you rent an apartment from a landlord, you will sign a rental agreement. The agreement will state how much rent you need to pay each month, how long you can stay in the apartment, and what you can and cannot do while living there. If you damage the apartment, the agreement will also state who is responsible for paying for the repairs.
It is important to note that a rental agreement is different from a lease agreement. A lease agreement is a long-term contract, while a rental agreement is short-term.