Lease Agreement Vs Lease Agreement

A monthly lease contains the same provisions as in a standard lease agreement. However, either the tenant or the lessor can change the terms of the contract at the end of each month. The lessor has the option of increasing the rent or asking the tenant to leave the premises without breaching the lease. However, a lessor must give reasonable notice of 30 days before asking the tenant to leave the property. Unlike a long-term lease, a lease offers a lease for a shorter term – usually 30 days. While a lease remains valid for the period defined in the contract, a lease covers a short-term period that is not necessarily indicated. A lease is ideal for a tenant who cannot commit to a rental period of 12 months. It can open the door to many qualified tenants looking for a short-term rental that can be in high demand near university campuses or major hospitals. On the other hand, a lease is beneficial for a lessor because it offers the stability of a guaranteed income in the long term. It is advantageous for a tenant, because it fixes the amount and duration of the rent and can not be modified even in the event of an increase in real estate or rental values. As with a lease, at the end of the term of the periodic lease, the lessor can modify the terms of the lease (if the tenant wishes to sign again to have certainty and stay in the property). However, if a tenant does not intend to renew the lease, he must inform the lessor 21 days before the expiry of the lease, in accordance with the law. Some prefer to rent their premises over renting, the former being subject to less price volatility than the latter.

The tenant may also not leave the premises without the fulfillment of the term of the lease, unless otherwise specified in the contract. However, if the tenant must leave, he receives a notice of causes specifying the time within which he must leave the premises. The reason why a tenant wants to enter into a lease of more than one year, commercial or private, is that all other terms of the lease are set during the rental period. . . .