2007-09-11 00:09:51 · 3 answers · asked by janjan 1 in Business & Finance ➔ Renting & Real Estate
A lease may be a rental agreement. Renting can be a verbal arrangement whereas a lease is typically written. However, it is more complicated. Some leases are basic rental agreements, for example, a lease on an apartment for a year, or a lease for a rental car for a week. These are called operating leases and the payments are accounted for as rent expense.
Other leases, called capital leases, are in reality a way to purchase the leased asset. Title passes at the end of the lease term and the lease payments are accounted for as payment of principal and interest rather than rent expense.
2007-09-11 00:20:15 · answer #1 · answered by Anonymous · 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.
2016-05-17 05:13:54 · answer #2 · answered by miriam 3 · 0⤊ 0⤋
A lease is a formal written rental contract the spells out the terms of the tenancy. Leasing is renting.
Renting is the process of paying a monthly fee for the use of a property. It may or may not be formalized with a written lease agreement.
2007-09-11 00:20:05 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋