Consider the situation: you’re new in town for work or for studies and you need an affordable play to stay. What do you do? Buying a house is obviously out of the question so you turn to rentals. That’s where a rental Property Contract comes into play.
A rental contract is an agreement of rental between the owner of a property and a renter who wants to have temporary possession of the property; it differs from a Lease Contract, which is normally for a set period. The agreement must at a minimum identify the parties, the property, the rental term, and the rent amount for the term. The property owner is known as the lessor, while the renter is known as the lessee.
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