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Understanding Leases

A lease is a legal agreement between a landlord and tenant that outlines the terms of renting a property. Understanding the key components is essential for both parties.

Key Components of a Lease

1. **Lease Term**: This specifies the duration of the lease, whether it's month-to-month or a fixed term.

2. **Rent Amount**: The lease should clearly state the monthly rent amount and any penalties for late payments.

Conclusion

Understanding leases can help both landlords and tenants navigate rental agreements more effectively.