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Commonly Asked Questions about US Real Estate Lease Agreements

A rental agreement is a contract (written or oral) under which a landlord allows a tenant to use and occupy its property for short time periods. Commonly, a rental agreement has a monthly duration to the extent it expires and is renewed by the parties each month.
A lease is a contract between two parties where one party, the lessor, allows the other party, the lessee, use of their property for a period of time in exchange for consideration, usually a monthly sum of money. The original owner ultimately retains possession of the property.
These rights include a livable home and freedom from unlawful discrimination. Both parties must follow the terms of the lease agreement. While prospective tenants with lower incomes have limited choices for housing, a tenants rights are non-negotiable.
What are the usual lease terms? Leases for residential property are usually for one year. Options are possible. For all other asset classes, terms are more long-term, usually set at five, 10 or 15 years with additional options of the tenant extending the term.
Passed on March 11, 1941, this act set up a system that would allow the United States to lend or lease war supplies to any nation deemed vital to the defense of the United States.
While you can break a lease early, you cant always do so without paying a fee or, in some cases, facing a potential lawsuit.
A tenant can be evicted even if they do not have a written lease. While it is always preferable to have a formal lease in place, if the tenant is living in another persons house, they are considered the owners tenant and can be evicted on the same basis as a tenant on a month-on-month lease.