2006-10-13 22:57:18 · 12 answers · asked by weng 2 in Business & Finance ➔ Investing
Rent is paid out weekly, monthly or quarterly etc and once paid will never return.
If you lease then the property is effectively yours for the duration. The lease could be for 6 months, 1 year, 50 years or 99 years. Short leases are like renting but you have different rights. The long leases you effectively buy the property but after the end of the lease it returns to the original owner. There are ways of purchasing the lease.
See a solicitor for a better answer.
2006-10-13 23:03:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Renting is usually from month to month. A lease is for a specific time, like a year or so. If you break a lease, then you are penalized. You could have to pay out the remainder of the lease. It is a contract for a certain time period, and you are agreeing to pay and stay there for that time you agreed upon. When you rent, you can give a 30 day notice usually and can vacate. For some reason, I think owners like the month to month, then they can ask you to leave if you are not a good tenant. They can also go up on the rent, whereas, a lease is an agreed price per month. Unless, the lease states the owner can go up a certain amt. each year. It depends on how the lease is written. If they agree you can sublet the place, then you might could do that rather than forfeit the remainder of the lease and pay up for the money owed.
2006-10-14 07:45:27 · answer #2 · answered by shardf 5 · 0⤊ 0⤋
Rent has no minimum time limit. So you can rent month to month and decide one day you want to move at the end of the month and all it well.
A lease will have a minimum time (usually a year) in which you MUST keep paying rent and if you do leave before that time you STILL have to pay rent for the time you have left. It can be bad....
2006-10-14 06:09:34 · answer #3 · answered by miracol@sbcglobal.net 2 · 0⤊ 0⤋
Lease usually implies an agreement to rent the property for a certain amount of time.
Where as renting can be a bit more of a casual arrangement.
2006-10-14 05:59:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Lease usually renting for a fixed period of time such as 6 months or more where you agree to rent for that period of time and the rent usually does not go higher or lowe. Rent is usually month by month, where the rent may go higher .
2006-10-14 06:08:54 · answer #5 · answered by Mazin 1 · 0⤊ 0⤋
I think that the difference is that with a lease you will be the leaseholder of the property and so will have a greater interest in it than a renter who has no interest in the property at all but is required to pay for it in regular installments.
As the leaseholder you may be responsible for paying a proportion of shared costs, for example, maintenance of communal areas or gardens whereas the renter would not be obliged to pay towards these.
I think that's the difference anyway.
2006-10-14 06:01:09 · answer #6 · answered by Anonymous · 0⤊ 0⤋
no difference!
you rent a property you sign the lease, you pay your rent for the lease which is the property you are renting.
2006-10-14 05:59:38 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Usually when you lease, you sign an agreement for a period of time outlining your responsibilities, monthly charges and perhaps any utilities and other benefits (i.e. cable t.v.).
When you rent, you simply pay for the apartment with a months payment held in escrow you get back when and if you decide to move.
Would strongly advise buying rather than doing either, even if it means downsizing....a co-op, condo, etc...
2006-10-14 06:09:21 · answer #8 · answered by marnefirstinfantry 5 · 0⤊ 0⤋
Under a leasing agreement the leasee has more enforceable legal rights.
2006-10-14 05:58:48 · answer #9 · answered by Anonymous · 0⤊ 0⤋
on a lease you own for a period of time and are resposible for all on rent you hire and are only responsible for minor issues you have a landlord who is responsible over all
2006-10-14 06:10:12 · answer #10 · answered by m.dunbar1@btinternet.com 1 · 0⤊ 0⤋