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Renting, also known as hiring [1] or letting, [2] is an agreement where a payment is made for the use of a good, service or property owned by another over a fixed period of time. To maintain such an agreement, a rental agreement (or lease ) is signed to establish the roles and expectations of both the tenant and landlord .
A rental agreement is a contract of rental, usually written, between the owner of a property and a renter who desires to have temporary possession of the property; it is distinguished from a lease, which is more typically for a fixed term. [1]
The narrower term 'tenancy' describes a lease in which the tangible property is land (including at any vertical section such as airspace, storey of building or mine).A premium is an amount paid by the tenant for the lease to be granted or to secure the former tenant's lease, often in order to secure a low rent, in long leases termed a ground rent.
Sometimes, but not always, a residential tenancy under a lease agreement is colloquially known as renting. The leaseholder can remain in occupation for a fixed period, measured in months or years. Terms of the agreement are contained in a lease, which has elements of contract and property law intertwined.
A 99-year lease is, under historic common law, [where?] the longest possible term of a lease of real property. It is no longer the law in most common law jurisdictions today, yet 99-year leases continue to be common as a matter of business practice and conventional wisdom .
A lease is a contract calling for the lessee (user) to pay the lessor (owner) for use of an asset for a specified period of time. [4] A rental agreement is a lease in which the asset is tangible property. [5]