In this type of agreement, a tenant pays a non-refundable option tax in exchange for the possibility of buying the house at a predetermined price. If the tenant decides not to purchase the property, the landlord retains the option fee. Use a private lease to allow the tenant to acquire the property at the end of the contract. This type of lease helps a tenant who cannot immediately purchase a property and allows the seller to obtain a constant income. Once the contract is signed, the two parties are legally bound to it. It is therefore important to read and understand the treaty carefully, even if it is sometimes long and difficult to read before signing it. Note that U.S. landlords expect the contract to be fully respected by the tenant. However, there are legal safeguards that may restrict the validity of certain clauses in leases (usually to your advantage). A tenant looking for a long-term lease may be discouraged by the flexibility of a multi-month lease, which may subject them to frequent rent increases or indeterminate tenancy periods.
For homeowners, the cost of more frequent rents, including advertising, screening and cleaning costs, should also be kept in mind. If your rent is located in an area with lower occupancy rates, you may also have difficulty renting your home for long periods of time. A rental agreement is ideal for a tenant who cannot commit to a 12-month rental period. It can open the door to many qualified tenants looking for short-term rent that can be in high demand near university campuses or large hospitals. The tenant and landlord must keep a copy of the signed contract for their registrations. Tenants have a right to privacy if they rent a property. However, there may be situations where an owner needs access to housing, for example. B for maintenance or inspection work. From the lessor`s point of view, the advantage of this type of leasing is that they can sell their property in a slow market and demand a higher rent than they could use a regular lease.