Are you thinking of renting a piece of property? While renting property, you have no ownership rights. You only own the right to use the space for a certain amount of time. If you want to buy real estate, you need to make sure that you understand what you are getting yourself into before signing any documents. You need to use a free rental agreement for specific lease duration.
There are many different types of leases, and they vary depending on the type of property that you are leasing.
- Lease Agreement
A lease agreement is a legal document that gives the landlord (the person who owns the property) permission to rent out their property to tenants. A lease agreement includes terms and conditions that describe how long you will be able to live in the apartment, how much you will pay each month, whether pets are allowed, and if utilities are included in the monthly cost.
There are many different types of lease agreements depending on the purpose and type of property being leased:
- Equipment Lease Agreement – Equipment leases are used to cover any kind of manufacturing equipment, construction equipment, heavy machinery, etc.
- Rental Lease Agreement – Rental agreements are typically used for short term leases. These agreements are generally used for personal items such as furniture, appliances, vehicles, etc.
- Commercial Lease Agreement – Commercial leases are usually long term agreements covering real estate, commercial buildings, machinery, equipment, etc.
- Industrial Lease Agreement – Industrial leases are often used for business purposes, including office space, warehouses, factories, etc.
- Real Estate Lease Agreement – Real estate leases are used to cover land, houses, apartments, etc.
- Personal Property Lease Agreement – Personal property leases are used to cover things like household goods, furniture, appliances, etc.
When to use a lease agreement? Basically it is intended to be used for a short period or brief duration. You can easily find lease agreement template forms online, at websites where legal forms and templates are available for free or at a minimal cost, download them and customize them to use for your specific needs.
This is the most basic kind of lease. In this type of lease, the tenant does not have any rights to the property. The landlord can terminate the contract at any time without notice.
In a month-to-month tenancy, the landlord cannot terminate the contract unless the tenant breaks the lease agreement first. However, the landlord can raise the rent at any time.
- Fixed Term
With a fixed term lease, the landlord cannot increase the rent until the end of the lease period. At the end of the lease, the landlord can either renew the lease or let the tenant move out.
- Ground Lease
A ground lease is similar to a free rental agreement except that the landlord owns the land instead of the building. Landlords often use ground leases to build commercial buildings.
- Life Estate
If you sign a life estate lease, then you become the owner of the property after the initial lease expires. This means that you get to keep the property even if the landlord wants to sell it.