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What is the most common type of residential lease?

A fixed-term lease is the most traditional lease. Theyre called fixed term because tenants and landlords are agreeing to abide by the lease for a fixed amount of time, normally six to 14 months.

How is renting a condo different from renting an apartment?

However, a inium lease involves renting a unit within a larger complex, where each unit is individually owned by different individuals. This means that while tenants have the right to occupy the unit they lease, they do not own it outright.

Is leasing and renting the same thing?

The primary distinction between leasing and renting lies in their commitment and duration. A lease is a fixed-term agreement, providing stability and predictability but limiting flexibility. Renting offers more flexibility but lacks the long-term security of a lease.

Which is better lease or rent?

The only difference between a condo and an apartment is in the way you make your monthly payments. Condos are managed by a Homeowners Association (HOA) and there are HOA fees for living in a condo, meaning that rent will include both the utilities and the fees for the upkeep of common areas.

What is a residential lease in real estate?

A residential lease is a contract between a landlord and a tenant - or a lessor and a lessee. It will outline and detail the terms under which the tenant can occupy the landlords property.

Which type of lease is usually used for residential property?

The most common type of lease contract in residential real estate is Gross Lease. In a gross lease, the tenant pays a fixed amount of rent, and the landlord is responsible for paying all the expenses associated with the property, including property taxes, insurance, and maintenance costs.

What is the difference between lease and rent a condo?

While leasing and renting share many similarities, there are some subtle distinctions between the two. The main difference is the length of tenancy. A rental agreement is usually short term or month-to-month, while a lease is typically for a longer period of time, usually six months or more.

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