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Rent vs Lease
Rent vs Lease . . . Have you often wondered what the differences were between Renting and Leasing?   In real estate, a Lease is a Contract that gives the Tenant the right to live in a property for a specific fixed period of time after which the terms of the Contract expires.  Through a lease, the Landlord and Tenant mutually agree to fixed terms and conditions, such as the amount of rent, rules regarding pets, duration of the agreement (typically 12 months or 24 months), etc.
Because a lease is a contractual agreement, both parties are obligated to abide by it for its duration. A lease is mutually beneficial.  Neither party can change the agreement without written consent from the other.  A tenant can’t stop paying rent or vacate the property during the lease without violating the agreement.  By the same token, the Landlord can't arbitrarily change the terms and conditions or force the Tenant to move during the lease period.  When the lease expires, Tenants are automatically shifted to a "month-to-month" rental agreement unless or until both parties sign a new lease with a new expiration date.
It is interesting to note that rent is also how one refers to the payments made under the terms of a lease. Real ... more

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