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Rental agreements and residential leases for Los Angeles home rentals are similar to those around the rest of the U.S. Many people are not aware that U.S. real estate law was -- and still is -- directly derived from property law in the United Kingdom. Therefore, you'd see that the majority of all real estate agreements share much common language throughout the country.
Although many use the terms “rental agreement” and “lease” interchangeably for homes for rent in Los Angeles, they are often legally different. For example, assume you're a prospective tenant talking to a landlord, who tells you a rental agreement applies to the apartment for rent in Los Angeles you want. You should ask for clarification. Here's why.
We have probably heard about tenants who have occupied their home rental for five years or more. There are other stories about landlords who've decided to sell their property, which forced tenants to move before they were ready. Or, tenants who indicated they were interested in a long term relationship, who then moved within six months and gave little notice.
In general, when a rental agreement works well, both sides are thrilled with the outcome. When there are misunderstandings, it can be costly for both parties.
At times, these terms could prove a bit restrictive, but leases can often mean lower vacancy for landlords and more stability to tenants.