can someone tell me difference between renting and leasing?

Answer 1

All these answers are so confusing.

As I am sure you figured out, leasing involves a lease. Therefore, there are terms and conditions set out in the lease. A lease can be for any amount of time, from a minute to a century. It can also be on anything, such as a couch, a house, or an office building. A one-year lease is most comon for appartments and single family homes, at least in my area.

Renting is a term which means - "to posess but not own." If you are leasing something, you likely do not own it, therefore you are also renting it. The term renting is most offen applied to a person's housing status. "Are you renting?" means "Do you not own the place where you live?"

The reason there is so much confusion in all of the answers is because the terms really mean the same thing, by definition. People use them differently. And, people use them differently than other people do in different areas.

Answer 2

Generally for domestic properties, a lease applies to places such as flats which have shared ground and roof. The block of flats will be owned by a financial institution and they will sell the lease of each flat. Leases are bought and sold just the same as freehold properties (ie stand alone houses)
If you are renting, you don't own the lease or the freehold, but pay the owner rent
The owner of the lease will pay a nominal rent (ground rent) to the (ground) landlord and this is to cover communal aspects such as roof repairs etc

Answer 3

renting is month to month and the renter has very few rights

leasing is a term contract of 6-12 months and could be a simple lease or a lease to own
simple lease.... states as long as you pay every month and dont break the agreement then you can not be asked to move for that full term
lease to own is just that... you get 12 months to get your finances together as a means to purchase the home and a small % of your monthly rent is set aside for your down payment.

Answer 4

if your just renting no lease involved you can move out at anytime with a notice and not owe any more money ..a lease holds you to the property for at least a year and if you move out within a month or what ever time frame ...you may owe for the full year !!

Answer 5

rent is where you have a contract with the owner to live in their property for however long the tenancy agreement is for and you pay the landlord a weekly/monthly amount. Leasing iswhen you lease out a property for a period of time,i.e you can lease out a property for 10yrs your still the owner but the person whohas purchased the 10yr leasehold is responsible for the property for 10yrs

Answer 6

a rent agreement is usually a week to week or month to month agreement which makes the landlord responsible for maintenence and upkeep--a lease or lease/purchase usually is for a year or more and the resident is responsible for repairs and upkeep--regardless ,the taxes stay with the owner.