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What is the legal definition of a lease?

A lease is a contract between two parties where one party, the lessor, allows the other party, the lessee, use of their property for a period of time in exchange for consideration, usually a monthly sum of money. The original owner ultimately retains possession of the property. See landlord-tenant law.

Why leasing is better than renting?

Stability is the key advantage of a lease. Youre entitled to stay in your home through the duration of the contract. Its an ideal arrangement for someone who knows they want to stay in a place long-term. No rent increases.

What is the difference between lease and hire?

The key difference between a hire purchase (HP) contract and leasing a car is that you will own your car at the end of an HP contract. In contrast, when you lease a car, youll hand the car back once the contract term is up.

What is the meaning of apartment for lease?

Apartment lease means an apartment owner-occupants lease for the owner-occupants apartment and includes any lease to an apartment owner-occupant for the land upon which the owner-occupants apartment is situated, including, but not limited to, a ground lease and/or a condominium conveyance document.

What do you mean by leasing?

Introduction. A lease refers to a contract where one party grants a right to use a property or land to another party in return for consideration and for a specific period of time. Both the parties enter into a lease agreement specifying the terms and conditions of the agreement.

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What is the meaning of apartment for rent?

Renting an apartment means entering into a legal arrangement with a landlord (the owner of the property) to live in the space for an agreed-upon fee. This fee, which is usually paid on a monthly basis, is called rent. The renter who occupies the apartment is also known as the tenant.

What is the shortest lease term for apartment?

How Long is a Short-Term Lease? Common lease lengths for short-term rentals are three or six months. However, there are even shorter lease terms, like month-to-month apartments.

How many pages is a normal lease?

There are provisions every lease should have, whether the lease is six pages or one page. Because the lease is a contract, it must include promises by you and promises by the tenant, such as the tenants promise to pay rent. You should write the lease in clear, understandable language.

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