A Resident Rental Agreement is also known as Lease Agreement, Tenancy Agreement, Rental Contract or Residential Lease. A Rental agreement is a contact between a landlord (owner of the property who is renting out his/her residential property) and tenant (other party who agrees to pay to live in the leased premises for specific time indicated in the agreement). A Rental agreement is use to set out the rules both parties agree to follow in their rental relationship. It is a Legal Contract that has all the crucial details. It includes the details such as how long the tenant can occupy the property for, the amount of rent due each month, when the rent is due, method of payment, contact information for both parties, permissions granted by the landlord, rules and responsibilities and other details. A Rental Agreement is often used by property managers or real estate investors with multiple properties as well. A Rental Agreement also protects both parties from any future misunderstandings or miscommunications. The lease proves both parties acknowledged and agreed to the terms within it.
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