What are the different types of residential leases?

There are many types of residential leases in South Carolina, each with its own set of terms and conditions. The four most common types of residential leases are fixed-term or month-to-month, furnished and unfurnished, and co-tenancy. A fixed-term lease is a legal agreement between a landlord and tenant to rent a property for a specific period of time, such as 12 months. During this period, the tenant is obligated to pay the agreed-upon rent and abide by the terms of the lease. This type of lease often includes an auto-renew clause, where the lease will automatically renew itself unless either party notifies the other in writing of their intention to end the lease. A month-to-month lease is a short-term agreement between a tenant and landlord that lasts, as the name implies, one month at a time. It automatically renews itself each month unless the tenant or landlord provides written notice of their intention to terminate the lease. This type of lease offers more flexibility but, also can be more expensive and less secure than a fixed-term lease. A furnished and unfurnished lease refers to whether the rental property is equipped with furniture and appliances. If the property is unfurnished, the landlord is not responsible for providing any furniture or appliances. However, the tenant may be permitted to bring in their own furniture and appliances. Lastly, a co-tenancy lease is a form of joint tenancy where multiple tenants sign one lease and are jointly and severally responsible for the rent. This is often used when multiple people are renting a property together, such as roommates. All tenants are legally bound to the terms of the lease, and if one tenant violates the agreement, the other tenants may still be held accountable. No matter the type of residential lease, each agreement should be thoroughly read and understood before signing. It is important to make sure that all the terms of the lease are agreed upon by both parties, as each type of lease comes with its unique set of rules and regulations.

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