More and more, we are seing "For Lease or Rent" signs in our area.
In the past, renting was the norm. "For Lease" was rarely an option.
The mall where our office is located has a few second story spaces availalbe. The sign says, "For Rent." The call that caught my attention today, What is the difference between "for rent" and "for lease" ?
FOR LEASE: A lease is usually a long term agreement between the property owner/manager and the tenant. A lease typically is written for at least 12 months, sometimes even longer. The payment amount, usually monthly, remains the same for the term of the lease. All other terms also remain the same.
Often, a lease agreement will have an automatice renewal clause. Our lease agreement is for a term of three years. There is an automatic three year renewal with a clause outlining the rent adjustment.
FOR RENT: A rental agreement is usually a short term agreement between the property owner/manager, usually less than 12 months. A rental agreement may run for a month at a time, giving the owner the opportunity to change the terms at the end of each month. This also gives the renter the opportunity to leave at the end of the term if the agreement is no longer acceptable.
A month to month reantal agreement would renew at the end of each month until one party decided they no longer wish to continue and give the other party property notice.
This is just a very quick over view of the difference between a lease and a rental agreement. Hopefully, as you drive around looking for your perfect space, you'll know which option is better for you. Don't forget to get your agreement in writing and be sure to read the entire agreement before siging.
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Contact Debbie DiFonzo, Broker, United Country VIP Realty, at 417-468-5900 to list your property for sale or to purchase a property in Marshfield, Conway, Phillipsburg, Lebanon, Long Lane, or Buffalo, Missouri.
To view all our listings and auctions, visit:
UCtheOzarks.com
FindYourFreedomMissouri.com
Contact Debbie at: Debbie@ucvip.com
Copyright © 2008 By Debbie DiFonzo, All Rights Reserved. The information provided herein is obtained from multiple sources and is deemed accurate but not guaranteed.
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Debbie, you did a great job of explaining the differences.