Could someone tell me the technical difference as in how each differ from others...
2006-08-29 21:54:10 · 3 answers · asked by rocky 2 in Business & Finance ➔ Renting & Real Estate
why would opts for lease over rent or rent over lease... any legal side 'effects'..?
Or any financial gains..?
Or anything similar..?
2006-08-29 22:10:40 · update #1
Rented usually means u pay month by month. Leased means your bound into a contract for a certain amount of months that you will guarantee payment.
2006-08-29 22:00:29 · answer #1 · answered by Heather S 1 · 0⤊ 0⤋
Leasing is always renting, but renting may not be leasing.
If you have a lease contract, you're leasing -- that is, renting for a specific term such as a year.
If you don't have a lease contract, your're renting month-to-month.
Neither renting nor leasing confers any right of ownership. You only have the right of occupancy for a period of time.
If you are renting month-to-month, you can move on with 30 days notice. And the landlord can put you out with the same 30 days notice.
If you are leasing you have the right of occupancy for the specified term of the lease. Assuming that you abide by the lease's terms, you cannot be forced to move until the lease expires. Nor can you just pull up and move any time you wish; you are legally obligated to pay the rent for the full term of the lease.
2006-08-29 23:53:26 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Leasing will became yours its like purchasing while rent is rent
2006-08-29 21:59:51 · answer #3 · answered by Anonymous · 0⤊ 1⤋