Rental agreement lease contract is involves the landlord and the tenant. Alternatively, the terms lessor and lessee may be also be used in place of the word landlord and tenant.
The difference between a rental agreement contract and a lease is on the basis of time and money. Leases are prepared for a set period of time, usually a year. A lease is a necessary contract between the landlord and the tenant. A rental agreement is usually made on a month-by-month basis, and is renewed routinely at the end of every month, till it is concludes.
It is wiser to choose a lease when the length of stay is assuredly long. This will enable you to inhabit the property for a long period of time without being subjected to an abrupt increase in the rent. On the other hand if you know that the stay will be for a short time, it would be better to enter into a rental agreement. Rental agreement lease contract each have their own set of advantages and disadvantages and depends on the person taking it up.
A lease is a contract involving the tenant and the landlord. A lease can be for a short period or long period, and it can be written on paper or verbally sealed. However, a lease that will carry on beyond a year must be in writing in order to be given effect by law. Sometimes, the phrase rental agreement is used to define a short or oral lease for which rent is usually paid once a month and the tenancy can be completed on a 30-day written notice.