A lease or rental agreement sets out the rules landlords and tenants agree to follow in their rental relationship. It is a legal contract, as well as an immensely practical document full of crucial business details, such as how long the tenant can occupy the property and the amount of rent due each month.
What it means to be on a lease?
Written or implied contract by which an owner (the lessor) of a specific asset (such as a parcel of land, building, equipment, or machinery) grants a second party (the lessee) the right to its exclusive possession and use for a specific period and under specified conditions, in return for specified periodic rental or
What is a year to year lease?
year-to-year tenancy. An agreement in which the landlord leases property to a tenant for a year, and the term renews automatically until sufficient notice is given. The length of notice to terminate this type of tenancy varies depending upon the state in which the premises is located.