What is difference between rent agreement and lease agreement?

 Terms & conditions in rent and lease agreement are same but the main difference is payment terms & duration of agreement.

At below, we listed the difference between Rent and Lease agreement with mock agreement images for your consideration.

RENT:

  • Rent is a recurring payment of tenancy.
  • Generally, rent is paid on a monthly or quarterly basis.
  • Generally, duration of rent could be 1 to 11 months. Post 11 months, rent agreement is renewed with the mutual concern of landlord and tenant.

The below image is the mock format of rent agreement.

LEASE:

  • Lease is a one-time hefty payment by tenant to landlord, This payment is refunded at the end of tenancy
  • No monthly or quarterly recurring payment is applicable.
  • Generally, the duration of lease could be up to 3 years for residential and up to 10 years for commercial accommodation.

Below is the mock image of “Lease agreement”.

We provide rent and lease consultation.

We provide agreement service in Karnataka, including Bangalore. Our service includes drafting + execution + notary + home delivery in 2 working days.

To opt for our service, please write to us pgnproperties@gmail.com or WhatsApp to 9742479020.

Thank you for reading…

Location: India

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