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information. As part of the screening process, the prospective landlord will run a credit report on the applicants. After all, a landlord wants to rent the property to tenants who have a history of paying bills on time since that is an indicator they will also pay their rent on time. Lease vs. Rental Agreement. Although the terms are often used interchangeably, there are differences between leases and rental agreements. The key difference is that a lease usually has a set term , such as one-year . Unless specified, it does not renew at expiration . By contrast, a rental agreement is usually for 30 days and automatically renews each month until either the landlord or the tenant ends the rental relationship. A rental agreement is also called a month-to-month lease . A rental agreement or lease may contain other terms such as whether there is an assigned parking space, whether pets are allowed, or laundry room hours. It is important that you understand and comply with all terms. If you don’t, the landlord may have grounds to bring an unlawful detainer action to evict you , forcing you to vacate the property. A lease or a rental agreement must be in writing and should include such key terms as: PRODUCT PREVIEW Key Terms of a Lease • The names of the landlord and the tenant. • The address of the rental unit. • The date the lease starts and the date it ends. (If an ending date is not specified, a rental agreement is deemed to be a 30 day or “month-to-month” lease .) • The list of repairs the landlord has agreed to make and the date the repairs will be finished. • The amount of rent, when it’s due, to whom and where rent is to be paid. • The amount and purpose of the security deposit. • The amount of any late charges or returned check fee. • The number and names of each person living in the rental unit. • Who is responsible for paying utilities (gas, electric, water, trash, cable). • Assigned parking, if any. • Whether or not a pet is allowed. • Laundry room hours. • Any other arrangement or use of the property that is important to either the landlord or the tenant.
Chapter 9 | Home is Where the Mortgage or Lease Is 160
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