Rent & Lease
Rent is defined as
1. A payment made periodically by a tenant to a landlord in return for the use of land, a building, an apartment, an office, or other property.
2. A payment or series of payments made by a lessee to an owner in return for the use of machinery, equipment, etc.
Lease is defined as
1. Contract renting land, buildings, etc., to another; a contract or instrument conveying property to another for a specified period or for a period determinable at the will of either lessor or lessee in consideration of rent or other compensation.
Standard rental agreements are month-to-month, and there is no set period of residence. Both the landlord and tenant are free at the end of each 30-day period to make changes to the rental agreement, subject to any rent control laws. A lease has a finite term, which is often a long period of time, generally in years. During this time period, also known as the duration of the lease, the tenant and the landlord are bound to uphold the terms of the written agreement.
Under a lease, tenants are obligated to make monthly rent payments as agreed upon, as well as follow any code of conduct or other stipulations in the lease while it's in effect. It also means that a tenant may not vacate the property without breaking the lease. In some cases, the tenant may be held liable for the remaining amount of rent due under the lease, or they may be required to find another person to fulfill their end of the lease. In a rental agreement, this is not so unless specifically mentioned. A tenant can vacate the property after giving due notice and even the landlord can ask for an increase in payment at any time during the agreement. Hence a rental agreement is more flexible in its terms than a lease.
|
LEASE |
RENT |
AGREEMENT |
Pre-determined and cannot be broken without breaking the lease |
Pre-determined and terms can be changed |
MODE OF AGREEMENT |
Written |
Oral/Written |
STABILITY |
Both landlord and tenant have stability |
Not much stability |
MEANING |
It is a contract renting land, buildings, etc., to another; a contract or instrument conveying property to another for a specified period |
Renting is an agreement where a payment is made for the temporary use of a good or property owned by another person or company |
FLEXIBILITY |
Not Flexible |
It is Flexible |
TIME |
Long Term |
Short Term |
Himalaya Dwellers also deals in Rent and Lease. The available services presently are:-
- Himalaya Dwellers have 5000sqft. Commercial Premises for Lease/Rent at “ADAVIT” Swawlambi Nagar near Padole Hospital ideal for corporate office, Banks, Gymnasium etc.
- 200 sqft. To 1000sqft. Shops for rent /lease at Himalaya Harmony West High Court Road near 8 Rasta square Laxminagar, Nagpur.
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