A Maryland standard residential lease agreement is a document used to dictate a landlord-tenant relationship for the entirety of a rental period, typically lasting one (1) year. Tenants enter such leases in order to pay for rental costs on a monthly and fixed basis, all without the obligations that come with purchasing a livable property. Though the renter maintains no equity in the rental property, they may occupy the premises for the twelve months and only assume tenant obligations — that is, keeping the property from significant damages and fulfilling their payment schedule. Terms and conditions may vary depending on the nature of the arrangement. It is recommended both parties draft the lease through negotiations, as each party has a stake in the contract. Once they reach an accord, all parties involved must sign the lease into effect and commence their contractual duties.
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