Rental Lease Agreement PDF

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Rental Lease Agreement PDF Details
Rental Lease Agreement
PDF Name Rental Lease Agreement PDF
No. of Pages 7
PDF Size 0.23 MB
Language English
CategoryEnglish
Source pdffile.co.in
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Rental Lease Agreement

Dear friends, here we are going to share Rental Lease Agreement PDF for all of you. A rental agreement is a contract of rental, usually written, between the owner of a property and a renter who desires to have temporary possession of the property. A lease agreement is an accord where the tenant is given the right to live in a dwelling for a definite time frame (often for 12 months).

The stretch of the tenure may vary depending on the tenant’s preference and the owner’s will. In other words, a lease is a contractual arrangement calling for the user to pay the owner for use of an asset. Property, buildings and vehicles are common assets that are leased. Through our post, you can also read about 11 months rental agreement format pdf.

Rental Lease Agreement PDF / Lease vs Rent Comparative Table

Basis for Differences Lease Rent
1. Meaning The lease is entering into a contract with the lessee to use an asset/property for a long period. Rent agrees with the tenant to use an asset/property for a certain period.
2. Term Usually, a leasing contract is signed for the long term. The rental agreement is signed for a short time.
3. Accounting standards Leasing contracts are based on accounting standard 19 (AS-19). There is no particular accounting standard that is followed in a renting agreement.
4. Parties Lessor and lessee. Landlord and tenant.
5. Consideration considered The monthly installments are paid for the lease. Rent is paid monthly/quarterly for using the property/asset.
6. Maintenance In leasing, the responsibility of maintenance of the property lies on the lessee. In renting, the asset’s maintenance burden lies on the tenant.
7. Change in contract/agreement Once the contract is signed, there is no change for a fixed time. The landlord can change the agreement anytime they choose.
8. Offer at expiry Once the term is over, the lessee is asked to purchase the asset/property. There is no such offer given to the tenant by the landlord.

Lease Rent Agreement Difference

Sr.No. Key Differences
1. The lease is taken when a business does not have ample fixed capital. At the same time wants to use the asset but does not want to pay for it. On the other hand, rent is taking property for a monthly fee.
2. Leasing contracts have two parties – lessor and lessee. A rental agreement has two parties as well – landlord and tenant.
3. Leasing is usually done for assets/equipment. Renting is mostly done for properties or lands.
4. In leasing, the lessee does the servicing and maintenance when they take the equipment on lease in leasing. In renting, on the other hand, the servicing and maintenance are done by the landlord even if the tenant takes the property on rent.
5. Leasing is done for a fixed period – mostly for the medium to long term. On the other hand, renting is done for a short period, emphasizing every month.
6. In leasing contracts, the terms and conditions are predetermined, and the contracts are made by taking mutual acceptance. However, in a renting agreement, one can change the terms and conditions at any time.
7. In leasing, an offer of purchase is given on the expiry of the leasing contract. However, there is no such offer shown on the expiry of renting agreement.

Difference Between Lease and Rent

A lease is a type of agreement where the lessor gives possession of its assets to the lessee for a predetermined period instead of periodic payments where maintenance is the lessee’s responsibility.

In contrast, rent is an arrangement where the asset owner or landlord transfers the possession to its tenant for periodic payments. The landlord can change the terms subsequently and generally for a short time.

On the surface, lease and rent seem similar, but there is a major difference between the two of them:

  1. When an asset is given on a lease, the responsibility of maintenance lies on the lessee. That means when a business takes an investment on a lease, the burden of care lies in the industry.
  2. On the other hand, when an asset is rented, the responsibility of maintenance lies on the person who rents the investment or the property.

Frequently Asked Questions (FAQs)

Q.1) What is a Lease Agreement?

Ans. Before moving into a rental property, many landlords require their tenants to sign lease agreements. A lease is a contract between a tenant and landlord that gives a tenant the right to live in a property for a fixed period of time, typically covering a 6- or 12-month rental period. A contract between the landlord and tenant binds the parties to the lease.

Q.2) What is a Rental Agreement?

Ans. Rental agreements are very similar to lease agreements. The biggest difference between lease agreements and rental agreements lies in the length of the contract.

Q.3) Why is the rent agreement for 11 months?

Ans. Rent agreements are typically made for 11 months so as to avoid the cost associated and the complexity of registration that is mandatory for accords of more than one year.

Q.4) Is it mandatory to notarize a rental agreement?

Ans. No, it is not essential to notarize a rental agreement as long as it is printed on stamp paper and is duly signed by both parties and two witnesses.

Q.5) What are the charges for the Notarized rent Agreement?

Ans. Notarized rent agreement is made on 100 and 500 rupees stamp paper.

Q.6) What is the rent agreement registration process?

Ans. It is mandatory to register a rent agreement of more than one year with the local authority.

Rental Lease Agreement PDF

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