Understanding the Lease Agreement
| If you are in the market looking for your first apartment, you must also know that you are required to sign a lease agreement, which is nothing but a legally binding contract between your landlord and you, the tenant. |
There are 2 kinds of lease agreements -- a fixed lease and a periodic lease. They are mostly similar, with the difference lying in the duration of the agreement.
A periodic lease agreement lasts for indefinite term, authorizing the tenant to inhabit the space for an indefinite period of time, till such time the lease agreement is legally terminated. Both the tenant and the landlord reserve the right to terminate a periodic lease agreement at any point of time, usually following a stipulated notice period. For example, if you have entered into a periodic lease agreement and would like to relocate, then as per your contract, you will have to give your landlord a notice either sixty day or ninety days before you can vacate. Alternately, if your landlord wants his apartment back, he would have to give you a similar notice first. A fixed lease agreement, on the other hand, comes with a fixed time period. Fixed lease agreements for apartments usually last for 3, 6, or 12 months. If your fixed lease agreement is for 12 months, then you have the legal right to stay in the apartment for that period.
Apart from knowing how long the lease agreement is valid, you must also know the various lease options mentioned in your agreement, which are the features, services and facilities included in your lease.
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