What is the difference between a lease and a rental agreement?

A lease and a rental agreement are both legally binding contracts that outline the terms of a tenant’s agreement to rent a property. However, there are some key differences between the two in the state of Virginia. A lease is a long-term contract. It typically lasts for a year or more and cannot be changed or terminated during that time. Rent may also be increased periodically based on a variety of factors, such as market conditions. The terms of a lease are usually very specific and cannot be changed unless the landlord and tenant both agree to it. A rental agreement, on the other hand, is a much more flexible contract. It usually lasts for 30 days or less and can be renewed or terminated depending on the terms of the agreement. Rent can also be increased with a rental agreement, but it cannot be increased more than once every 30 days. Unlike a lease, a rental agreement can be easily modified if both the landlord and tenant agree to it. In Virginia, either a lease or a rental agreement is legally binding and enforceable by law. Therefore, it is important for both parties to understand the differences between the two and to read through the contract carefully before signing.

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What is the difference between a lease and a rental agreement?

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