What is the difference between a lease and a rental agreement?
A lease and a rental agreement are both legally binding documents that are used for renting a property. However, there are some key differences between the two. A lease typically lasts for a longer period of time, often six months or a year. The tenant is generally required to pay a fixed sum of rent during the lease period, regardless of any changes in market value or rental rates. Additionally, the tenant in a lease agreement is usually given exclusive possession and control of the rental property during the term of the lease. A rental agreement, on the other hand, is typically for a shorter period of time, often month to month. The tenant is expected to pay rent on a regular basis, and the amount of rent may vary depending on the market value or rental rates. With a rental agreement, the landlord retains more control of the property and has the right to inspect the rental unit on a regular basis. In the state of Tennessee, the landlord must abide by the rules and regulations of the Tennessee Residential Landlord and Tenant Act. Both leases and rental agreements must include the terms and conditions of the rental agreement, the rights and responsibilities of both the landlord and tenant, and any additional provisions that are agreed upon by both parties.
Related FAQs
Are there limits on the amount of a security deposit that a landlord can demand?Are there laws that protect a tenant from excessive late fees?
What are the legal requirements for terminating a rental agreement?
What are the rights of a tenant when it comes to terminating a lease?
What is the process of tenant eviction?
What types of rental agreements are legally binding?
When does a tenant's security deposit have to be returned?
Are there laws that protect tenants from retaliatory eviction?
Can a tenant make changes to the rental property?
What is the difference between a lease and a rental agreement?
Related Blog Posts
Introduction To Leasing Law: A Guide For Business Owners - July 31, 2023Understanding Your Rights As A Tenant Under Leasing Law - August 7, 2023
Navigating Lease Agreements: Key Steps For Tenants - August 14, 2023
Breaking Down A Lease: Essential Aspects Of Leasing Law 3 Reasons To Have A Lease Professionally Reviewed - August 21, 2023
Tips On Negotiating Lease Terms To Protect Yourself - August 28, 2023