Renting, also called renting or leasing, is an arrangement in which a periodic payment is paid for the temporary usage of an object, service or property belonging to another. A lease is when both the owner and the renter pay a fixed rental amount and only the owner pays for the property expenses regularly accrued by the owner. There are various types of leases based on such factors as duration, name, restrictions, capital, petite, etc. It is necessary for each individual to understand the entire meaning and the legal position of the document he signs while leasing a property. The terms and conditions for rent vary from one property owner to another.
An important thing to be understood before renting is that it is not equivalent to purchasing. Rental is a term which means the right given to an individual to occupy a personal property for a specific time period at a fixed rate. The law clearly states, “A lease is a contract between a person and an individual or a company for the use, enjoyment, safety and support of one or more particular properties owned or controlled by the first-party”. Thus, the individual who is the lessee has the same rights as other persons similarly situated.
A good technique for determining whether you are legally entitled to the possession of a particular place is to go through the lease carefully. Sometimes, there are hidden charges or extra expenses under the agreement. It is best to ask around from people who have been renting already before you sign anything. You should also read through the contract carefully to check whether the rental has any extra or hidden costs, and whether those costs were disclosed to you.
If you are planning to buy a real estate property, always remember to include the rent for consideration in calculating the total rental income. It is also advisable to include the mortgage and insurance in the calculations of the annual income. It is not wrong to calculate the annual rental income based on the number of rooms, number of baths, number of bathrooms, kitchen and parking space provided in the property. However, some of us overlook to calculate the depreciation of the asset when we calculate the annual income. Thus, we end up in buying a property with a depreciated value.
“A leasehold property is a type of real property which a tenant possesses and in common with other tenants, is let out for rent.” In other words, it refers to the possession of a building or real estate by one person for a fixed period of time as a right or an obligation. Usually, the word ‘lease’ is used in a broader sense to include a host of related transactions like lease purchase, lease with right of survivorship, lease with right of occupancy, rent to own and rent to share. It is important to be familiar with the complete definition of this word before entering into any agreements.
The second definition of rent as used in the context of the lease of real estate is ‘the right to rent.’ It refers to the exclusive right to possess or use a building or real estate for a specific period of time as a right or an obligation. The term ‘right’ is used here because it indicates something indefinite. ‘Lets keep scrolling’ means that the questioner wants to know if there is any right to rent. Hence, it is important to keep Scrolling scroll past the section marked ‘for rent.’
The third definition of rent is ‘a legal release of obligations.’ This implies that the occupant has an obligation to pay rent during his stay in the apartment. For instance, if a tenant lives in a hotel but stays in an apartment for a week, he is said to have stayed in the apartment for rent. The payment of rent can be done twice or thrice a month as decided by the landlord. Also, the rent amount does not stop even if the tenant moves away from the premises.
When you are looking for a property for lease, it is better to search for information on the history of the building-wide lease using the ZSL database. ZSL has an online site, which offers complete information on the available apartments on rent and the building-wide contracts. You can also obtain rental payment history reports, details about the Tenant’s deposits and payments and more. The database covers all of the rentals on the premises including guest rooms, furnished apartments, studio apartments and privately owned houses. Thus, it helps you find out what kind of apartment you would like to invest your money in.