Rental lease is a judicial document between an individual and management which states the dates, values, rules and regulations. They may be written contracts or may be oral agreement. There are different types of rental leases which are valuable and help in understanding the lease agreements. Some of them are mentioned below.
Types of rental leases
These are the agreements between the property owner and the renter. The contract retains for a year from the date of lease taken. The agreements or the contracts may vary. Some of them may be longer agreements, whereas some of them may be shorter agreements. The tenants should follow the agreement’s rules and regulations which may include the amount of the rent, due date, applicable charges for the late rent etc.
Monthly contracts may be written agreements or may be oral agreements between the owner and the tenant. It may include the applicable charges for the late rent etc.
Sublease contracts are done between the renter and an individual who expects to take the property for lease from the renter. This is an advantageous contract when the actual renter of the property wants to leave the rental property for a long period of time and wishes to come back to the property in the future before the expiry date. In this type of agreement, the renter should take the permission of the actual property owner to give the owner’s property for sublease.
A cyclic or periodic lease agreement
A cyclic lease agreement is also known as monthly lease contract. This type of contract is very flexible. This is not like fixed term lease contract. Cyclic or periodic lease contract is an oral agreement. This agreement does not have any termination date.
Fixed term lease contract
Fixed term lease contract is a written agreement between the property owner and the renter. This contract consists of a particular period of time for the renter to live in the property. Mostly this kind of lease retains for a year. This agreement may include the fee for the late rent, security deposit etc.
Service lease agreements
Service lease contracts are done between the renter and the other person who uses the property. The property owner is responsible for the leased property.
Finance rental agreements
This type of agreement is also called as capital leases. In this type of agreement the renter has full controls on the property/properties during the lease period.