2007-05-11 14:37:10 · 6 answers · asked by bubba boo 2 in Business & Finance ➔ Renting & Real Estate
Their IS a difference between renting and leasing. "Renting" is an informal term that generally refers to a "month to month" agreement that typically requires only a 30 day notice that you intend to vacate (but that period maybe shorter if stipulated and agreed upon). This type of agreement may or may not be secured with a security deposit AND/OR last month rent.
A lease agreement is the same with the exception that it stipulates a term of residence (a specified length of living in the property....typically one or more years). Usually there is also a requirement of 30 days notice BUT even if this notice is given; if the property is NOT rented to another party, you CAN be legally held liable (responsible) for repayment of all rent money lost during the term of your lease. For example, you lease an apartment for one year at 300./mo. Your company relocates you to another state and you submit your 30 day notice. The landlord/owner begins running ads immediatly; but the market is slow because many people are leaving the area. It takes him 4 months to finally get a renter in the apartment. He could legally recoup from you the costs of advertising for a new tennant for 4 months AND the $1200. in rent that he did not receive while the apartment was empty. Lets say you had a $300 deposit, he can keep that and sue you for the remainder (and any cost to repair damages that would have normally been covered by the security deposit).
I know this is a lengthy explaination and any of this is tempered by your state, county, or local laws AND any stipulations in your written lease.
YES, there is a difference; but whatever you do....get it in writing.
2007-05-11 14:55:56 · answer #1 · answered by Ronnie 2 · 2⤊ 0⤋
A roommate has use of the entire house. A room renter has only use of the room he/she rents, the bathroom, and whatever else you ALLOW. Make sure you get the boundaries and legalities in writing and signed by whomever you get. Check the local listings to see what comparable rooms rent for and go by that. The rent would depend on how much lattitude you give the renter as to access to the rest of the house. The more of the house the renter uses the higher the rent. If the person is a roommate I would think half of all household expenses is more than fair. However I would check around for comparable prices in your area.
2016-03-18 23:33:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Most leases are for a longer period of time; six months, one year, two, three, etc.
When you sign a rental agreement it is normally month to month, unless it is stated otherwise. I have lived in several places and the owner wanted a one year rental agreement. If I had moved out before the one year was up, I would have forfeit my security deposit.
The link below will answer some of the basic questions about contract--read and ask questions if you do not understand.
2007-05-11 14:48:16 · answer #3 · answered by D S 4 · 0⤊ 0⤋
Usually no difference. A lot of people will think of leasing as a longer term than renting, but the two of them are the same.
2007-05-11 14:40:59 · answer #4 · answered by ttpawpaw 7 · 0⤊ 1⤋
the same thing. You are still not the owner.
2007-05-11 14:40:59 · answer #5 · answered by Isabel H 2 · 0⤊ 1⤋
none whatsoever means same thing
2007-05-11 14:40:05 · answer #6 · answered by vanessa 6 · 0⤊ 1⤋