A legal lease is a formal agreement between a landlord and a tenant that establishes the terms and conditions of the rental of a property. It typically includes information such as the length of the lease, the monthly rent amount, security deposit, maintenance responsibilities, and other relevant details. The lease is a legally binding document that governs the landlord-tenant relationship.
On the other hand, payment terms for an online rent payment platform refer to the process of paying rent through an online platform. These terms specify the payment methods, fees, due dates, and other details related to making rent payments through the platform. They do not establish the legal relationship between the landlord and the tenant or the terms of the lease itself, but rather outline the process for how rent payments will be processed and managed.
- Lease: Defines the rights and obligations of the landlord and the tenant with regard to the rental of a property.
- Payment terms: Outline the rules and procedures for making rent payments through an online platform.