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Are you planning to rent an apartment? So before signing any lease with the landowner, know the apartment lease options. Every option has distinct advantages, such as signing for a fixed-term lease if you plan to shift into a location for a long time.
There are critical differences between each lease option, so keep reading to know more about it.
Types Of Apartment Lease Options
If you want a hassle-free rental experience, ensure you know the apartment lease options’ details before signing any contract with the owner. Once you sign any agreement, you won’t be able to modify it further. Here are some of the lease options:
· Periodic Leases
A periodic or month-to-month lease is an agreement that offers both the land owner and renter the power to terminate the lease at any time with proper notice. What should be included in the appropriate information is mentioned in the lease agreement. Typically you need to inform 15 to 30 days notice period.
It is a flexible agreement, so it is an ideal option for those who want to stay temporarily. As it is monthly, the landlord can raise the rent any month.
· Fixed-Term Leases
Fixed- term lease is the most widespread agreement where tenants have the right to stay at an apartment for an extended period. Moreover, a designated rental rate is charged throughout the years. If you leave before the notice period, you are responsible for paying the landowner one month’s rent. In some cases, landlords may charge a penalty fee or break the agreement if they find a better deal.
· Sublease Leases
It is an exclusive agreement where an individual(lessee) signs an agreement lease with the landowner to get permission to lease the apartment to a third party. The apartment lease agreement between the lessee and the third person is called a sublease agreement. The land owner can be involved in the sublease, but they will have the final say in any consent.
· Proprietary Leases
These types of leases are typically used in apartments and condominiums. Here the lessee buys the stock of the apartment or condos and becomes a part of the owner, and in exchange for it, they can leave in that apartment.
Conclusion
The apartment lease options you sign depend on the landowner or management. Landlords can sometimes change the agreement according to the situation. Therefore, whatever you sign for a rental contract, discuss it with your landlords before you sign it.
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