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The contract must include specific details such as the monthly rent and the responsibilities of each party. A lease is a legally binding agreement between the landlord and tenant. The agreement allows a tenant to use the property in exchange for a rent payment.What are the different types of leases?
The two common types of leases are a fixed-term lease and a month-to-month lease. A fixed-term lease: has a set end date, which is commonly between six months and a year but may also span multiple years. A month-to-month lease: automatically renews every month until either the landlord or tenant chooses to terminate the agreement.What are the benefits of leasing property?
Taxes—Property owners enjoy tax benefits such as depreciation and investment tax credits that are not open to tenants. In addition, there are other elements of a lease agreement that can weigh heavily on a contract's overall acceptability. Details of lease contracts can vary enormously.How long is a lease agreement?
A lease agreement is a common legal document that allows a person or business to rent property from the owner. Most residential agreements are for one (1) year, while most commercial agreements are usually for multiple years. The primary details of a lease that must be recorded within the form include: