Rental Agreement Definition. Terminology.
What is this Rental Agreement ?
" Each rental agreement has specific terms that both parties must agree to.. "
If you are looking to rent a home or piece of property, it is essential that you understand the terms of your rental agreement. Often called a lease, this agreement is the binding contract between you and your landlord. It defines the terms of the agreement, and aims to protect both parties.
" Each rental agreement has specific terms that both parties must agree to.. "
Rental agreement, a narrower term of Lease, is used to describe a lease in which the asset is tangible property.
(LEASE is a contractual arrangement calling for the lessee (The User) to pay the lessor (The Owner) for use of an asset.)
Tenancy Agreement describes a lease in which the tangible property is land, with including the vertical sections such as airspace, story of building or mine.
Real estate rentals are initiated by a rental application which is used to build the terms of the lease. In addition to the basics of a rental (who, what, when, how much), a real estate rental may go into much more detail on these and other issues. The real estate may be rented for housing, parking a vehicle(s), storage, business, agricultural, institutional, or government use, or other reasons.
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