11:19
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Simple English definitions for legal terms
month-to-month lease
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A quick definition of month-to-month lease:
A month-to-month lease is an agreement between a landlord and a tenant where the tenant can rent a property on a monthly basis without a fixed-term contract. The tenant pays rent every month, and either the landlord or the tenant can terminate the lease with one month's notice. It's like renting a house or apartment for a short period, and it's a flexible option for people who don't want to commit to a long-term lease.A more thorough explanation:
A month-to-month lease is a type of rental agreement where the tenant rents a property on a monthly basis without a fixed-term contract. The tenant pays rent every month, and either the landlord or the tenant can terminate the lease with a notice of one month.
For example, John rents an apartment on a month-to-month lease. He pays rent on the first of every month, and the landlord can terminate the lease by giving him a notice of one month. Similarly, John can also terminate the lease by giving the landlord a notice of one month.
This type of lease is beneficial for tenants who need flexibility and do not want to commit to a long-term lease. However, it can also be risky for tenants as the landlord can increase the rent or terminate the lease with a short notice.