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What is difference between rent agreement and lease agreement?

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Rent Agreement
5 2021-12-07T17:45:04+00:00
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I used to think lease agreements and rental agreements meant the same thing until my father corrected me recently. Let me tell you what is difference between rent agreement and lease agreement: Both rental and lease agreements are legally binding contracts but each serves a different purpose. Under lease agreements, the tenant is given the right to live in a property for a fixed time period of time (usually 12 months). The stretch of the tenure can depend upon the owner's will as well as the tenant's preference. Usually, a lease binds the landlord and the landlord for a longer period of time. It is more common in the commercial real estate segment. On the other hand, a rental agreement is a mutual deal for a shorter period of time i.e. a month-to-month concurrence. It permits both, the owner and the tenant to change the terms of the agreement whenever they want. They are usually auto-renewable after every month given no proper notice is being provided by either party. Get a Legally Valid Rental Agreement Easily and Quickly with the Help of NoBroker Difference Between Rent Agreement and Lease Agreement
Particulars Rent Lease
Type of contract Leave and licence Lease
Parties Landlord and tenant Lessor and lessee
Payment Monthly, quarterly, yearly Monthly
Maintenance responsibility Tenant Lessee
Expiry Expires at date specified Expires at date specified
Time period Short term Long term
Ownership Remains with landlord Remains with lessor
Change in contract Changes possible No change for the period fixed
Read more: How to register rent agreement online? What is lock in period in rent agreement? What if rent agreement is Expired? What is commercial lease agreement? How to terminate lease agreement early? What is lease agreement? I hope you like my answer on what is difference between rent agreement and lease agreement.

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