Residential Leasing Agreement
Residential leases have a lot of variance, but it is variance that tends to split itself along set lines. Understanding these basics can make a complex-looking lease agreement reveal its inner simplicity.
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Serviced Lease
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A serviced lease includes some of the costs associated with living in a house or apartment. These can include insurance, utilities, taxes and even cleaning services and attached gyms.
Net Lease
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A tenant under a net lease has taken on the entire lease--not just residence in the house or apartment, but also the responsibilities associated with it. These are cheaper by the month but have higher associated costs.
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Month-to-Month
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A month-to-month residential lease means that the tenant does not have to agree to an amount of time greater than a month, and therefore only needs to give 30 days notice. The same applies to the landlord, though.
Term Lease
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A term lease stretches over a set period of time, usually 12 months. This gives the tenant and landlord greater security.
Lease-to-Own
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Lease-to-own agreements apply when the tenant pays higher-than-average rent in exchange for the right to purchase the property at the end of the agreement for a price negotiated prior to signing the lease.
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References
- Photo Credit house blueprint and house model studio isolated image by dinostock from Fotolia.com
