Rental Lease Agreements – What are the Different Types?
A rental lease agreement can be useful for tenants and landlords in avoiding disputes. In case there are some issues, the agreement that is signed can be useful in resolving all the problems. These contracts can explain the responsibilities of a landlord and specify rules for renters who would be staying on the property. These types of contracts are needed often according to the laws of the state. These types of contracts are legally binding. Even in case you would like to rent a property to a friend or family member, there should be a rental agreement in California in place, in order to have legal protection in case of disputes.
Standard Residential Rental Lease Agreements
These can be useful for renting out a residence for a specific time period – generally a year. Such kinds of agreements have essential and common clauses. These can vary, based on the state that you are living in. Such kinds of contracts can be used for:
- Mobile homes
Month-to-Month Lease Agreements
Such kinds of short-term leases can be assistive in case a landlord does not like to commit to having his / her property rented for 1 year or even more, but would still like to keep their rights protected. Tenants as well as landlords can get flexibility from Month-to-month agreements.
Automatic Renewal Leases
Such kind of lease is often called “Periodic Tenancy”. It can automatically renew after a specific period of time. For instance, such kinds of leases can renew automatically each year, after every 6 months or every month. Leases of these types can continue until the landlord or the tenant offers suitable notice, to suggest that they wish to end the lease. It is easy to get free lease agreement template online, in order to create automatic renewal leases.
Commercial Lease Agreements
A commercial lease agreement can be the best option for all those renters who want to get a property on rent, for running a business. These can be used for renting the following types of properties:
- Retail spaces
- Office buildings
- Industrial facilities
Rent-to-Own Lease Agreements
With such kinds of agreements, tenants can get the chance to buy a property when there is an end of the rental lease agreement. Such contracts can be assistive for renters who cannot immediately buy a property while letting the seller / landlord keep earning income steadily, prior to the completion of the sale.
While trying to pick the best rental lease agreement for a unique circumstance, there are plenty of intricacies existing in place. An expert rental agreement lawyer can be helpful in such cases.
These have a preset end date. Such kind of a rental lease agreement can be used when a renter consents to get a property on rent for a fixed price and a specific period of time. Calendar dates are used by Fixed-term leases for setting the end and start date of lease. The end of the agreement is based on the date on which the fixed term lease ends. At this point, a landlord and a tenant can sign a new lease agreement – which can include various types of information – such as updated dates. The renter can, alternately, opt to move at that specific point of time.