right to a tenant to occupy residential premises. This rental agreement is either in typed or written form where all the terms and condition is written for the tenants what they have to follow for the time of tenancy apart from the rules and regulation this includes many necessary things like name of the applicants, deposits and fees, rent amount and ofcourse the duration of tenancy that how long a tenant could have the right to occupy the residence.
Difference between rental and lease agreement
A rental agreement is made for a short period of time which is automatically renewed month by month until and unless the landlord and tenant not ends up with a written notice and with this month to month rental agreement landlord can change the terms of the agreement with proper written notice and may increase the rent amount also.
A lease agreement in the other hand mainly made for a long term tenancy minimum for a six month and one year or more than this. A tenant can pay the rent for more than two months and then the lease agreement is made for that duration. With this lease agreement landlord can neither change the terms of the agreement nor increase the rent amount. They both have to follow the lease agreement until it not ends up or tenant agrees.
Importance of rental and lease agreement
A written document is very much important in every aspect so when you are giving your property to someone on rent there must be a written document or rental agreement including all the details like name of the applicants, limit on occupancy, rent, security deposits etc. an absence of rental agreement results in a mess and ends up in a court and the landlord has to suffer a lot get back his property again in his control.
Property management companies are professional and know how to make a lease or rental agreement for your rental property and handle everything legally. Property management companies are the living assets for your non-living assets and they manage your property while generating income and acts o behalf you in legal manner which reduces the chances of risk of facing problem and hiring bad tenants and they know what the importance of a rental agreement is and how to make it. You can hire property management Maryland that can help you to manage your property and increase its value