If you rent a property without a written lease, you are what is known as a "tenant-at-will." You have several protected rights as guaranteed for all renters by your state laws. Having no lease also may benefit you in certain situations. Your status as a tenant-at-will generally affects the length of notice required for various actions by you or your landlord, such as lease termination or eviction.
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You don't need a written lease to rent a property and retain common renter's rights. You have an implied lease based on your oral agreement with your landlord. The length of the lease is usually at least as long as the period between your rent payments, but this varies by jurisdiction. For example, if you pay your rent every month on the first, then you have an implied month-to-month lease.
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While a written lease often contains multiple clauses that describe the rights and responsibilities belonging to both you and your landlord, it's important to note that your state or local landlord-tenant laws apply even when there is no written lease or tenancy agreement. For example, if the laws in your state require your landlord to give you 24 hours' notice before entering your residence to make repairs or to perform an inspection, your landlord must abide by this requirement even though you don't have a written lease.
If you want to move out, you can do so by giving your landlord notice that is at least as long as the lease period. The notice period should end on the day you usually pay rent. For a month-to-month lease, this means that you have to tell your landlord that you want to move out on the day you pay your last rent, one month before you actually vacate the property. You don't have to pay any penalty because you don't have a lease.