Is there a difference between renting and leasing?

Asked by Trulia Brooklyn, Brooklyn, NY Wed Apr 3, 2013

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George Capella’s answer
George Capel…, , Brooklyn, NY
Wed Apr 3, 2013
I'm sorry , but I'll have to disagree that they are the same or synonymous. When a lease is not in effect it is considered to be a month to month rental (occupancy) and can be terminated by either side without penalty. Notice has to be given by either side which is usually 30 days or as agreed by the parties. 30 days is the usual term for giving notice. A lease is a legally binding agreement between the landlord and the tenant, which spells out the terms of tenancy, amount of rent to be paid and the terms that this lease is being entered into. All of this displays that a meeting of the minds has been made and everyone understands their responsibilities.The lease can be as long as the parties agree and will go into detail on each parties responsibilities. In example like when does the rent go up and who is responsible for which repairs. Any lease you enter into should be read by an attorney if there is anything that you do not understand. Good luck ... George
1 vote
John Jourden, Agent, New York, NY
Wed Apr 3, 2013
No, synonymous with one another.
0 votes
Gail Gladsto…, Agent, 11743, NY
Wed Apr 3, 2013
No, they mean the same thing.
0 votes
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