Types of Leases
There a number of different types of leases. The following are examples of some:
Verbal
This is a verbal agreement between the resident and the landlord/manager. This lease is indefinite in regards to its length, rent can be raised with a 30 day notice for month to month, or a 7 day notice for a week to week agreement, this lease can be terminated with a 30 day or 7 day notice depending on the nature of the agreement.
Month to Month
A month to month lease is similar to a verbal lease except it is a written contract between the landlord/manager and the resident. The contract automatically renews itself at the end of the month. Terms on the lease can be changed with 30 days written notice within the calendar month. These leases can be terminated with 30 days written notice within the calendar month.
Year Lease
A year long lease is the most common type of lease between landlord/managers and tenants. The length does not have to be one year long, it can be any length negotiated between the landlord/management and the resident. During the term of the lease the clauses remain the same and cannot be changed unless agreed upon by both parties. If terms of the lease are changed make sure to get the agreement in writing. At the end of the lease term the parties can terminate the agreement, renew the agreement and change terms if necessary, or do nothing. If the parties elect to do nothing and do not sign a new contract the lease changes into a month to month contract.