During the past few years many well-intentioned homeowners have suffered the wrath of our housing crisis and unfortunately must become a renter. It’s probably been quite a while since you’ve searched for apartments, negotiated with landlords or signed a rental agreement. The single most dangerous mistake you can make is failing to get your rental terms on paper, before the move in.
The differences between a Lease and Rental Agreement
Both leases and rental agreements are legally enforceable and they establish the terms of your tenancy. Both cover basic issues such as the amount of rent, security deposits and who can live in the rental unit. But the primary difference between the two types of agreements is the length of tenancy.
• Rental agreements establish a tenancy for a short period of time, usually one month. A month-to-month rental agreement automatically renews each month unless you or your landlord gives the other the proper amount of notice [typically 30 days] to end the agreement.
A landlord can change the terms of a rental agreement, for example, increase the rent with proper written notice.
• Leases obligate both the tenant and the landlord for a set period of time, usually a year. Your landlord can’t raise the rent or change other terms until the lease ends. Your landlord also cannot force you to move out unless you breach an important term of the lease such as failing to pay the rent, nuisance or other property laws. At the end of the lease you or your landlord may decline to renew the lease or simply negotiate to sign a new lease with the same or different terms.
Oral agreements and un-written understandings…
While an oral agreement is legal and enforceable, it’s difficult to prove and unwise to rely upon. People’s memory become unreliable, leading to who said what and it just turns into misunderstandings.
Which is Better - Lease or Rental Agreement?
A lease provides the tenant with more security than a month to month agreement. A lease is usually the better option for tenants who plan to stay put for the foreseeable future. However a month to month gives you flexibility, especially if you are not intending on staying for a full year. Also, if you are in a bad situation, but are forced to rent a place you’re not all that happy with, a month to month will allow you some place to live while you search for something better.
Helena Talbot – Principal Broker and Owner - Exit Realty Talbot and Company
44121 Harry Byrd Hwy, Suite 205, Ashburn, VA 20147
I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.
I have over 25 years experience in the real estate industry. As a Broker/Owner with Exit Realty Talbot and Company, I bring special tools and solutions that enable me to exceed the expectations of my clientele. If you are considering listing your property in Loudoun County or the nearby areas, ask me about our latest internet marketing systems. I would appreciate the opportunity to earn your business.
“Thank you for helping us find our Beacon Hill home. You went beyond the call of duty with your email correspondence and helping us with our relocation search. We appreciated your help in negotiating the sale and the smooth closing.” Sincerely, Doug & Sharon
“You were easy to work with and made the selling of my home with its acreage a smooth process while obtaining the best possible price for me. In addition, you were very conscientious about finding me the best replacement home and coordinating both transactions. I would gladly recommend your service to any potential buyer or seller.” Regards, Jennifer.
My past awards and designations include – 2003 President of the Dulles Association of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the year 2000 Dulles Area Assoc of Realtors, Top Producer awards from both the Dulles Area Association and the Northern Virginia Association of Realtors.
I have lived in Loudoun County since 1979. I am married with two grown children and two grandchildren. My son in law is my business partner in real estate. I love to jog in the mornings and spend time relaxing on my Trawler during the summer months.
Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont. Cell 703.727.9885 Office 703.574.3800
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