|
|
| |
Topic: Rent/Lease |
17 October 2002 |
Rent and lease in terms of
the English language have similar meaning,
but in terms of law they are made in totally different conditions.
To rent is a verb. It can mean 1) to use another person's property
(i.e. a car, a room, an apartment, a machine.) in return of regular payments as well as 2)
to grant temporary use or occupancy of your property.
For instance, you don't have a house.
You might rent an apartment or a condo from your landlord.
(the first meaning) If you have a big house with many extra rooms that you don't need,
you may rent them to tenants. (the second meaning)
Rent as a noun is a payment made by a tenant of a property,
facility or equipment at specified intervals. Rent can be paid daily,
weekly, monthly, quarterly or annually.
To lease is similar to to rent
in a way that it can mean to grant use of a property or to get a permission to use a property.
The only difference is that terms of contract are involved.
Lease as s noun is an agreement to rent out or to rent a property for a limited term.
The lease agreement involves certain obligations by both parties.
For example, the landlord might agree to pay taxes or any interest
while the tenant is responsible for the maintenance of the property.
In short, you can say that lease is more formal than rent.
Rent and lease have a significant difference in terms of leagal acts.
Therefore, before you agree to rent or lease something,
you might want to carefully discuss the terms and conditions with the other party
|
|
Exercise: Rent and Lease. |
| Directions : Choose the correct word to suit the context. |
 1.We need to _______ a car for the weekend.
|
| 2.J. & Co. is putting out this complex to _______. |
| 3.If you dont pay _______ by the 5th of each month, you will be charge 10% fee. |
| 4.The _______ will run out in 2005. |
| 5.We dont have enough money to buy a condominium. We will have to _______ it for now. |
| 6.Under the terms of your _______, you are not allowed to have pets. |
| 7.Is this building for sale or for _______? |
| 8.He _______ out some of his inherited land. |
|
Answers |
| |
|
|
