There are advantages and disadvantages to each option, and your choice depends on your goals and plans for the property at issue. A written lease generally locks both parties into the landlord/tenant relationship for a set period of time. It binds a tenant and can offer protections to a landlord, but also gives the tenant the right to remain at the property through the lease term as long as he/she pays the rent on time. Where a landlord is not sure either that the tenant is a good, long-term investment or is considering selling the property, what’s called a tenancy-at-will arrangement may make sense. In this situation, the tenant rents property monthly and either side can end the relationship with about 30 days advance notice. Tenancies at will can be written or oral.
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