Renting and rentals

An agreement signed between the owner of a property and the resident or potential resident is known as renting or a rental agreement. These two parties described above are also referred to as the lessor and lessee, respectively. The rental agreement in turn is referred to as the lease agreement.

Due to a physical contract being completed and signed for the renting or rental, the agreement is governed and enforced by common law. People or companies involved with the rental process include Real Estate agents, rental agents and at times the individual owner will conduct the administration and signing in his own capacity and time.

There are specific terms and terminology that pertain to renting and rentals, they are used to describe certain issues and usage of property either included or excluded by the signed agreement. The following represent some of these terms that might be encountered in the renting and rental procedure.

The real estate or property is rented or leased for the purpose of housing tenure, which means the rental fo the proecss of a residence to live in. This lease or agreement may or may not include areas or structures attached or detached; which can include parking spaces, storage spaces, and or portions of the property like gardens, fields, offices and the like.

The term tenant is used to refer to the individual residing in the rented property, normally the individual that signed the lease or rental agreement with the owner or lessor, also reffered to as a landlord or landlady. The agreed upon rent is paid by the former to the latter on a weekly, monthly, quarterly or annual basis dependent upon the agreement. Any property as defined in real estate law can be rented out, examples include apartments, houses, offices, land, farms, or even storage and parking spaces.

The agreement signed, as described above, is commonly referred to as a lease and refers to the conditions of the rental and pertains mostly to the specified usage and occupation of the real estate or property as described, and for the purpose of this description the lease or rental agreement pertains to that real property and the long term nature of the rental.