An informal lease agreement could be a good fit for you. Leasing property is a popular option for those who want to avoid the responsibilities of owning. An informal agreement involves two parties without the involvement of a lawyer or agent. In this article, we’ll tell you why an informal lease agreement could be a good option.
No legal costs
The first and most obvious reason why an informal lease agreement could be a good fit for you is that it can save you a lot of money. Legal and agency fees will not be required, which can be a significant expense. Informal leases are a cheaper option for people who need a place to live but are on a tight budget.
Less complicated
Unlike formal lease agreements, informal leases do not involve much paperwork. Informal leases are more straightforward. It doesn’t have to be a contract in writing, and it doesn’t have to be witnessed or signed by anyone. Informal leases are less complicated than formal agreements.
Flexibility
An informal leasing agreement provides more flexibility. There is no specific term, so the tenant can stay as long as they need to. If the tenant decides to leave, they can do so without giving notice. There is no obligation to renew or re-sign the lease agreement, providing greater flexibility for both the tenant and landlord.
Control over your property
Informal lease agreements give the landlord more control over their property. The lease agreement can include any specific requirements they need to ensure the property is well-maintained. For example, it may require the tenant to mow the lawn or look after the garden. With an informal lease agreement, the landlord doesn’t have to wait until the formal agreement expires to make changes to the terms.
Conclusion
An informal lease agreement could be a good fit for you. It’s straightforward, less expensive, and flexible. It can save you money and complications. It provides freedom and control over your property. If you’re looking for a hassle-free way to lease a property, an informal lease agreement could be just what you need.
