Lease and Rent Agreement
Are lease and rent agreement legally binding?
Yes, lease and rent agreement are legally binding contracts between the lessor or landlord and lessee or tenant. Therefore, it is essential that both parties thoroughly review and understand the terms and conditions of the agreement.
Do I need to have a written lease or rental agreement?
Although in some cases, a verbal agreement is legally binding, it is highly recommended that both the parties have a written lease agreement or rent agreement clearly outlining the terms and conditions, and rights and responsibilities of both the parties.
Can the rent amount be changed during the lease term?
The rent amount in the lease agreement is usually fixed for the lease term unless it is specified otherwise. However, the rent amount in the rent agreement may subject to change with a proper notice by the landlord.
What happens if either party wants to terminate the agreement early?
There may be some penalties or loss of deposit in lease for terminating the agreement early. However, the rent agreement usually allows for early termination with a proper notice, without any penalty.
What to do if I have a dispute with my landlord or tenant?
In case of a dispute, first try to resolve the issue by discussing it with the opposite party. If discussing does not resolve the issue then seek for legal advice in accordance with the terms and conditions of the agreement and the laws applicable.
Differences between Lease and Rent Agreement
A lease and a rent agreement are legally binding contracts between a landlord and a tenant, outlining the terms and conditions of renting a property. A lease is an agreement in which the lessor gives the lessee, possession of his assets for a predetermined time period (not for periodic payments), where the responsibility of maintaining the property is with the lessee. However, a rent agreement is an agreement in which the landlord transfers the tenant, possession of his assets for periodic payments.