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The tenancy agreement for real estate is often called a lease, and usually involves specific property rights in real property, as opposed to chattels. In addition to the basics of a rental (who, what, when, how much), a real estate rental may go into much more detail on these and other issues.
Mixed forms of tenure are also possible. The basic forms of tenure can be subdivided, for example an owner-occupier may own a house outright, or it may be mortgaged. In the case of tenancy, the landlord may be a private individual, a non-profit organization such as a housing association, or a government body, as in public housing.
The most common form of real property lease is a residential rental agreement between landlord and tenant. [7] As the relationship between the tenant and the landlord is called a tenancy , this term generally is also used for informal and shorter leases.
The Uniform Residential Landlord and Tenant Act, also known as URLTA, is a sample law governing residential landlord and tenant interactions, created in 1972 by the National Conference of Commissioners on Uniform State Laws in the United States. Many states have adopted all or part of this Act. [1]
Landlord–tenant law generally recognizes differences between residential and commercial leases on the assumption that residential leases present much more of a risk of unequal bargaining power than commercial leases. [8] Residential leases are contracts that are designed for individuals or groups to live, or reside, in the leased space. Most ...
A rental agreement, or lease, is the contract defining such terms as the price paid, penalties for late payments, the length of the rental or lease, and the amount of notice required before either the homeowner or tenant cancels the agreement. In general, responsibilities are given as follows: the homeowner is responsible for making repairs and ...
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