Rent or Lease
Know the Difference: Leasing vs. Renting
Lease and rental agreements are the two primary contracts used when renting residential property. They basically lay out the foundation for the relationship between the lessee and the lessor. Some of the basic components are:
Names of parties involved
- Dates
- Rental Price
- Payment options
- Occupancy
- Other Terms and Conditions
If you are like most college students you could care less what you sign as long as you know you have a place to pass out on the sofa after a long hard night. But there a few things you should know before you sign on the dotted line. So, what’s the difference between a lease and a rental agreement?
Rental Agreement
Lease Agreement
Now all you need to know is what to look for in a contract. There are several things to look for before you sign a lease. Ensure that the contract clearly spells out all names of the parties involved in the lease. These are the people who will be legally bound by the contract. Rent and other fees should be stated. Due dates, security deposits, payment methods, late fees, etc… should all be stated so there is no question as to what is required. Other things to watch out for are entry to the property, restrictions on activity, and other ordinances that should be followed. Some contracts will specify whether the landlord has rights to freely enter the property as he or she pleases. In some cases a contract will limit the types of businesses that may be run out of the residence, illegal activities that are prohibited, and other ordinances that must be followed. You should always thoroughly review any contract before you sign it as it will be legally binding once both parties have signed.
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