There are so many reasons why a person would rent a property. Maybe, he is just looking for a place to stay while looking for a job, trying to finish a degree, or be close to his fiancée. The landlord needs to consider the renter’s purpose when looking for a place to stay at.
The landlord must offer an agreement to the potential renter. The agreement will include the inclusive dates of the rent, rental price, house rules, payment date and method, termination of the contract, etc. The agreement will depend on the value of the property, timing, and the renter (whether individual or family).
The rental agreement is a month-to-month contract; though some can be as short as a few days or weeks. Once the agreement expires, the following things can happen:
- The agreement is automatically renewed with the same conditions.
- The landlord may request for adjustments such as increase/decrease in the price and other policy changes.
- The tenant can be required to vacate the property.
As for the third case, a notice to vacate will be required if either party would like to end the agreement. The notice period should be stated in the rental agreement.Renting the property might not be suitable if you are offering Las Vegas luxury homes.
A Contract of Lease gives the renter the right to stay in the property for a fixed period of time, say 12 months, as long as he adheres to the policies stipulated in the contract. Both the renter and the landlord need to comply with the terms of the lease for the stated period. Both the renter and the landlord cannot force either party to comply with something not stated in the contract.
For example, the landlord cannot require the lessee to pay for more than what the price in the contract is. He cannot also force the lessee to move out should he find another person who is willing to lease the property for a better price.
A lease agreement is suited for renters who want to rent the unit for a longer period of time at a fixed price. This makes both the renters and the lessors feel more comfortable with this security. The renter cannot be forced to move out not until the end of the contract, as long as he doesn’t violate other policies in the agreement. On the other hand, the landlord is protected from renters who want to leave the unit at a moment’s notice without fulfilling the terms of the lease.