Contracts written to specify the conditions expected from property owners and those intending to rent the property for a short period of time are called rental agreements. Contract law manages and regulates the contracts between property owners and lessees. The property owner, the lessee, the time specified for renting the property and amount of money to be paid for that time and other factors involved in a rental agreement are specified and documented in the contract.
Rental agreements can be used for real estate renting, renting residential houses, parking spaces for parking vehicles, renting places to store goods, for renting places and property to conduct business in, renting property for agricultural purposes, renting to the government, renting property to institutions and for many more reasons. Most rental contracts demand that a tenant give a deposit which is a specified amount of money that will be given back to the tenant at the end of the contract if the premises are in good state. Unlike rental agreements, Lease agreements are contracts between property owners and people wishing to use the property for a fixed length of time but usually a long period of time and it also includes names of parties involved, the length of time that property is to be leased, the amount of money to be paid for leasing the property for such a period of time, and other related details.
Contracts based on a month to month payment of rent are not given a specific amount of time and is renewed each month until one party either tenant or property owner notices the other party of intentions to vacate with a minimum number of days left before renewal date required. In one way rental agreements, the landlord has the right to hold on to the deposit that the tenant had given earlier or charge a fee incase a tenant wishes to terminate the contract before a given number of months they had agreed on has elapsed. Agreements can be issued in scenarios where a tenant specifies the length of time they will rent the property and that expect that all agreed upon conditions stay constant for this period of time and are followed by both tenant and landlord.
These agreements are regulated by an appropriate authority and thus are under the laws of a country thereby it is important to read and understand them to avoid legal actions taken against you for breaking the rules and as such do not sign agreements having rules that are too harsh for you. It is also vital to ensure that a property owner has proof of ownership and met the rules set by authorities like having insurance covers for the property to avoid inconveniences like renting property belonging to other people or being taken advantage of.