Lease Or Agreement
Description
How to fill out Oregon Residential Rental Lease Application?
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FAQ
A lease is an implied or written agreement specifying the conditions under which a lessor accepts to let out a property to be used by a lessee. The agreement promises the lessee use of the property for an agreed length of time while the owner is assured consistent payment over the agreed period.
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. Find out more about what it means to rent or lease and the pros and cons of each.
While an agreement to lease is no substitute for a final lease, it is important for prospective landlords and tenants to understand that signing an agreement to lease often has the same legal effect as signing a final lease itself.
A rental agreement tends to cover a short term?usually 30 days?while a lease contract is applied to long periods?usually 12 months, although 6 and 18-month contracts are also common. Once the lease term is up, it usually extends to a month-to-month rental.
A lease is a legal, binding contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the tenant or lessee use of the property and guarantees the property owner or landlord regular payments for a specified period in exchange.