Rent and Lease Agreement: Both rent agreement and lease agreement are made before renting a property. However, there is a lot of difference in the terms and conditions of both.
Rent and Lease Agreement: Rent agreement is made before renting all types of property, be it house, land or shop. This gives relief from the worry of illegal occupation. However, most people know about rent agreement but are not aware of lease agreement. Although both have their own benefits, but from the tenant’s point of view, lease agreement is considered better than rent agreement. At the same time, the landlord also benefits from it. Let’s know how?
What is the difference between rent and lease agreement
Both rent agreement and lease agreement documents are made before renting a property. However, there are some differences regarding their time period, rights, and conditions.
Where, the duration of rent agreement is 11 months. On the other hand, the lease agreement is usually for a period of 1 year or more (3 years, 5 years).
The landlord and the tenant can easily change the terms of the rent agreement with mutual consent. But, once the terms are decided in the lease agreement, they cannot be changed. Lease agreement is used in both residential and commercial properties.
For whom is rent agreement and lease agreement right?
Rent agreement is right for those who wish to live on rent for a short period. At the same time, it is also good for those landlords who want to change the tenant every 1-2 years.
It is clearly written in the lease agreement that this property is being leased to a certain person for a period of so many years or days, hence the tenant will not claim any rights on the property under any circumstances nor will he demand any rights.
On the contrary, a lease agreement is ideal for those tenants who want to rent a house or shop for a long time and the landlord also wants a stable tenant because it does not need to be renewed again and again.
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