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When renting an apartment What is the standard lease agreement?
When you rent an apartment or house, you will almost always sign a lease agreement. The standard lease agreement is a legally binding contract between tenant and landlord, which includes specific responsibilities for the parties involved. Subtenants may or may not be included in the agreement.
Is an apartment lease legally binding?
Since a lease is a binding contract between landlord and tenant, if a tenant breaks the contract, he or she could face serious legal consequences. These include: Landlord could sue tenant for rent owed. Landlord could sue tenant for breach of contract and damages.
What is difference between rent agreement and lease agreement?
Legally, a lease is just one way to rent an accommodation. A rent agreement can either be a lease or a licence and will be treated accordingly, based on the terms and conditions and renting period mentioned in the agreement.
Can I create my own lease agreement?
A lease can be written or verbal, but a verbal lease can be very difficult to enforce. If you decide to write your own lease make sure you include a clause that states if any condition is not legal, that the rest of the lease is still in effect.