A lease agreement is a contract between a landlord and a tenant to occupy a home or apartment. The agreement includes the terms, conditions, and rent agreed upon during a lease negotiation. A potential tenant should know that there are two different types of lease agreement: periodic and fixed. A fixed lease agreement is for a predetermined amount of time after which the tenant is required to vacate the property unless he or she signs a new agreement. On the other hand, a periodic lease agreement allows the tenant to occupy the property indefinitely or until the lease is lawfully terminated. Although the rights and obligations of the landlord and tenant are the same regardless of the type of agreement, there is a difference relating to the termination of tenancy.
In most fixed lease agreements, it is stipulated that neither party may prematurely terminate the tenancy unless a right or obligation has been breeched. This means that the tenant is bound to pay the agreed upon amount of rent and the landlord is required to allow the tenant to occupy the property for the agreed upon amount of time. A periodic lease agreement allows the tenancy to be terminated at any time by either party as long as sufficient notice is given before hand. In most cases this is 90 days notice given to the tenant and 21 days notice given to the landlord.
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