Lease Agreement Definition
Many people choose to lease property instead of buying it outright. In most cases, it costs less and comes with fewer risks compared with being the owner. By law, you can do a verbal agreement, but if you want to avoid problems and confusion down the line, you ought to get your lease agreement down on paper.
Other People Are Reading
-
Identification
-
A lease agreement is a contract between an owner, such as a landlord or car owner, and an individual for the renting of property.
Function
-
A lease agreement outlines the monthly payment to be made, along with the monthly due date; terms of the lease, such as one year or month to month; and the start date of lease.
-
Considerations
-
A lease agreement protects mostly the interests of the owner.
Warning
-
If the renter doesn't live up to his side of the agreement, he will lose possession of the property and pay expensive fees.
Expiration
-
In the case of an apartment rental agreement, the lease can be renewed when it expires.
-
