Final answer:
Management firms refer to a residential lease as a 'rental agreement' or 'tenancy agreement.' These documents can be complex and include terms about termination
Step-by-step explanation:
Management firms sometimes refer to a residential lease as a "rental agreement" or "tenancy agreement". These terms highlight the transactional nature of the arrangement between the landlord (often referred to as the "owner") and the tenant (referred to as the "resident").
Leases can include complex language and dense paragraphs, which can be confusing, especially when a lease termination situation arises. For instance, leases typically require a notice period, such as a 30-day written notice, from either party to end the lease after the initial leasing period has concluded. Termination clauses address what constitutes "just cause", property vacating procedures, and the repercussions of not vacating property on time, which may include additional rent and potential damages.
Understanding these agreements is crucial for both parties to ensure compliance and to protect their legal rights. It is often beneficial to seek guidance if the language is unapproachable, which can be a frequent scenario given the legalese used in such documents.