The Difference in a Rental Agreement and a Lease for Los Angeles Home Rentals

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What is the Difference in a Rental Agreement and a Lease for Los Angeles Home Rentals?

The Difference in a Rental Agreement and a Lease for Los Angeles Home Rentals

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.

  • Rental Agreement. Typically refers to a month-to-month occupancy with no termination date. This arrangement may result in a short term deal or a long term satisfying occupancy. Sometimes, the fact that neither landlord nor tenant really knows what the relationship might become results in problems.

    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.

  • Lease. Unlike a true rental agreement, if you occupy your apartment in Los Angeles with a fair and equitable lease, the following will be involved. A stated initial term will be specified. Usually at least one year or longer. Having the security of a stable rent and occupancy term provides a good level of security to both landlord and tenant.

    At times, these terms could prove a bit restrictive, but leases can often mean lower vacancy for landlords and more stability to tenants.

Homes for rent in Los Angeles are offered with both rental agreements and leases, so you should have a choice of occupancy arrangements. Both of these agreements should be similar, if not identical, to those offered for Phoenix home rentals, or any other areas in the U.S.

   

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