A rent is a contractual arrangement requiring the lessee to pay the lessor (owner) for the use of the asset. Property, buildings, and vehicles are commonly leased assets. Industrial or business equipment is also leased.
In general, a lease agreement is a contract between two parties, lessors and lessees. The lessor is the legal owner of the asset; the lessee gets the right to use the asset in return for regular lease payments. Tenants also agree to abide by various provisions regarding their use of property or equipment. For example, a person renting a car may agree that the car will only be used for personal use.
Shorter terms rental agreements can be used to describe the lease on which an asset is a tangible property. The language used is that the user rent the land or the goods issued or is rented by the owner. The verb to rent is inappropriate because it may refer to either of these actions. Examples of leases for intangible property are the use of computer programs (similar to licenses, but with different provisions), or use of radio frequency (such as contracts with cell phone providers).
The terms lease agreements are also sometimes used to describe periodic lease agreements (most often monthly rentals) internationally and in some regions of the United States.
Video Lease
General terms
Leases are legal contracts, and as such may be enforced by all parties under the contract law of applicable jurisdiction.
In the United States, because it is also a transfer of ownership rights to real estate, it is a kind of hybrid contract that involves the quality of the deed.
Certain types of leases may have specific clauses required by law depending on the leased property, and/or the jurisdiction in which the agreement is signed or the place of residence of the parties.
Common elements of the lease agreement include:
- The names of the parties to the agreement.
- Commencement start date and duration.
- Identify a particular object (based on street address, VIN, or make/model, serial number) that is rented.
- Provide conditions for updates or non-updates.
- Have special consideration (single payment, or regular payment) for granting the use of this object.
- Have provision for guarantee deposit and terms for its return.
- It may have a list of special conditions described there as a certain Default Condition and Remedies.
- May have other special provisions placed on such parties as:
- Need to provide insurance for loss.
- Limited use.
- Whose party is responsible for maintenance.
- The termination clause (describes what would happen if the contract terminated early or was canceled, declared the rights of the parties to terminate the lease, and their obligations)
All types of personal property (eg cars and furniture) or real property (eg raw fields, apartments, single family homes, and business property (including wholesale and retail)) can be rented. As a result of the lease, the owner (lessor) provides the use of the property that is declared to the lessee.
Maps Lease
Land rental
The term 'rent' which is more narrowly describes the lease where the real property is the land (including on any vertical sections like air space, building level or mine). Premium is the amount paid by the lessee for the rent to be provided or to secure the rent of the previous tenant, often to secure a low rent, long term lease is called land rent . For parts of buildings, it is most common for users to pay also with collateral contracts, or with the same contracts, a service fee that is usually a list of express services in the lease to minimize disputes over service charges. Gross rent or lease rents that rent to a global amount as it includes all service fees.
A hire that can be canceled (UK: a rental that can be determined/disconnected) is a lease that can be terminated (formally determined only by the lessee or solely by the lessor without penalty). Shared payable can be well defined. Non-cancellable rental is an irrevocable rental. Generally, "lease" may imply an irrevocable rental, whereas "lease agreements" may contain the meaning of a lease that can be canceled.
Influenced by land registration, generally tenants originally provided for more than one year are more easily referred to as leases.
The lease will provide specific provisions regarding the responsibilities and rights of the lessee and lessor, or there will be automatic provisions as a result of local law. In general, by paying the negotiable fee to the lessor, the lessee (also called the tenant ) owns and uses ( the lease ) of the leased property with the exception of the lessor and all others except with a tenant invitation. The most common form of real property lease is the lease agreement between the landlord and the tenant. Since the relationship between tenants and owners is referred to as rentals , this term is generally also used for informal and shorter rentals. Tenant's right of ownership is sometimes referred to as interest lease . Rent can be for a certain period of time (called term of the lease). Rent can be terminated faster than the end date by:
A lease must be contrasted with a license , which may authorize a person (called license holder ) to use the property, but subject to the termination of the property owner (called licensor ). Examples of licensee/license relationships are the owner of the parking lot and the person parking the vehicle in the parking lot. Licenses can be viewed in the form of tickets to a baseball game or oral permission to sleep a few days on the couch. The difference is that if there is a term (end time), the level of privacy that shows the exclusive ownership of the clearly defined section, practicing ongoing repeat payments, the lack of the right to stop storage by mistake or incapacity, these factors tend toward lease; otherwise, one time logging into someone else's property may be a license. The seminal difference between a lease and a license is that the lease usually provides for periodic payments over a period of time and a specific end date. If the contract does not have an end date then it may be in the form of a perpetual license and still not be a lease.
Under normal circumstances, property owners are free to do what they want with their property (for legitimate purposes), including dealing with it or handing property ownership to tenants for a limited period of time. If an owner has given ownership to another (ie, a lessee) then any disruption with the enjoyment of subdued property by the lessee in a legal possession is in itself unlawful.
A similar principle applies to real property as well as to private property, even though the terminology is different. The right to sub-lease may or may not be allowed for tenants. If permitted, the lease given directly by the owner is called "headlease", or sometimes "premier lease". Tenants Headlease and their tenants who may in turn also rent out are called mesne landlords from old France to medium. The tenant of headlease is not entitled to provide sublease beyond the end of headlease.
In order to avoid the privatities of plantations which are the general principles that flow from the privacy of the contract, the legislation exists in some jurisdictions to bind subtenant to some strict agreement (terms) of the headlease, for example in England and Wales that have been held by the court to touch and pay attention to the land.
Transfer of the remaining interest in the lease, duty , is of the type ( alienation ) is often possible and the implied right to establish is by mandatory law or as a default position in some jurisdictions. Sharing or parting with ownership may be a breach of a particular lease that results in foreclosure action.
Enfranchisement is obtaining the title of landlord and is most often negotiated with the landlord only paying for the land rent . . Merger is where the landlord and the renter happen to be the same and may terminate a lease in which there are no subcontents in a particular jurisdiction.
Land rental history
Over the centuries, rent has served many purposes and the nature of legal arrangements varied according to the goals and social and economic conditions of the time. Leases, for example, were mainly used for agricultural purposes until the late 18th and early 19th centuries when the growth of cities in industrialized countries made leasing important forms of land ownership in urban areas.
The modern laws of landlords and tenants in the jurisdiction of common law retain the influence of common law and, in particular, the laissez-faire philosophy that dominated contract law and property law in the nineteenth century. With the growth of consumerism, consumer protection laws recognize that general legal principles, which assume an equal bargaining power between contracting parties, create difficulties when such assumptions are inaccurate. As a result, reformers have emphasized the need to assess the law for the right to lease housing in terms of the protection they provide to tenants. Legislation to protect tenants is now commonplace.
Type tenancies
Tenure or fixed lease for years
Long-term tenor or lease for many years lasts for several fixed periods of time. It has a definite start date and a definite end date. Despite the name "rent for years", such a lease can take place for a certain period - even a lease for one week can be called a lease for years. In general law, duration is not necessarily certain, but can be conditioned on the occurrence of some event, (eg, "until harvest is ready for harvest" or "until the war ends"). In many jurisdictions that possibilities have been partially or completely removed.
Tenancy The fixed term expires automatically when the time period remains exhausted or, in the event that the lease ends on the occurrence of an event, when the event occurs. If the lessee remains on the property after the termination of the lease, he may be a tenant at the suffering because the lessor/landlord has suffered (or permitted) the tenant to remain as a tenant instead of expelling him. Such a lease is generally "at will," which means the tenant or owner may terminate it at any time, after giving proper legal notice.
Periodic rentals
Periodic rentals, also known as year to year, month to month, or week to week rentals, are real estate available for some periods of time determined by the lease term. An oral lease for years of lease in violation of the Fraud Statute (by renting more than - depending on jurisdiction - a year without writing) may actually make a periodical lease, depending on the jurisdiction's statute in which the leased location is located. In many jurisdictions, "default" leases, where the parties do not explicitly specify different settings, and where nothing is considered under local custom or business, is a monthly lease.
Either the owner or the lessee may terminate the periodic tenant when the period or period of time is nearing completion, by giving notice to the other party as required by law or law in the jurisdiction. Neither the owner nor the tenant can terminate the periodic lease period before the ending period, without having to pay for the remaining month on the lease. Each party must notify if it intends to terminate the lease period from year to year, and the number of notices is determined by lease or by state law. Notices are usually, but not always, at least one month, primarily for yearly rent from year to year. Duration less than one year should normally receive the same notice as the rental period - for example, the owner must give one month's notice to terminate the lease from month to month. However, many jurisdictions have increased this required period of notification, and some have reduced the capacity of a landlord to use them drastically. For jurisdictions that have local lease control laws, the ability of a landlord to end the lease period is reduced substantially. For example, in California, the cities of Los Angeles, Santa Monica, West Hollywood, San Francisco, and Oakland have "rental stabilization laws" that limit the ability of landowners to end periodic leases, among other restrictions.
The notice must also state the effective date of termination, which, in some jurisdictions, must be on the last day of the payment period. In other words, if the month-to-month tenure begins on the 15th of each month, within the jurisdiction under the terms of the last day, the termination can not be effective by the 20th of the ensuing month, even though this will give the lessee more than one month notice required.
Tenancy at will
A rental at will is a rental that either the owner or the tenant may terminate at any time by providing reasonable notice. Unlike regular rentals, it is not related to the time period. This can go on for years, but may end up at any time by the lessor or lessee for any reason, or for no reason at all. Appropriate notice, as usual with the landlord/tenant law, shall be provided, as provided in the laws of the state. If there is no formal lease, then the lease is usually there. In rare cases it can happen where the rent is not to be considered. Under modern general law, rent at will without compensation is very rare, partly because it only happens if the parties expressly agree that the lease is for no lease, usually where family members are allowed to stay at home (nominal consideration may be required ) without any formal arrangement. In most residential occupations for a fixed period, for consideration, the tenant can not be removed except for a cause, even if there is no written lease. (However, an oral lease for more than 12 months is not enforceable if the cheating legislation in jurisdiction includes rent for more than 12 months.) Many rental housing is converted to "at will" leasing subject to 30 day notice. Alternatively, a house rental (indefinitely) may exist for a temporary period in which the tenant wants to own the property and the landowner agrees, but there is not enough time to negotiate and complete the new lease. In this case, the lease will be terminated immediately after the new lease is negotiated and signed. The parties may also agree on the grounds that if the parties fails to enter a new lease within a reasonable period of time, the lessee must vacate the premises.
If a lease exists at the discretion of the owner, the law of jurisdiction may imply that the renter is granted, by legal operation, the reciprocal right to terminate the lease. However, a lease that is explicitly in the will of the tenant (eg "as long as the tenant desires to live on this land") generally does not mean that the owner may terminate the lease; on the contrary, such a language can be interpreted as giving a tenant a home or even a modest fee.
A rental will be damaged, again by legal operation, if:
- Tenants make waste of property;
- Tenants attempt to assign tenants;
- Tenants use property to operate criminal enterprises;
- The owner of the building shifts his interest in the property;
- Owners rent property to others;
- The tenant or the owner of the house dies.
The specifications of these rules differ from jurisdiction to jurisdiction.
Subject to any notice required by law, the rental will also expire when one owner or tenant acts inconsistently with the lease. For example, a key change by the owner is the final indication of the lease, like a vacation spot by the tenant. However, in some jurisdictions, such as California, a landlord is prohibited from using "self-help" drugs, such as changing keys, to terminate rent, especially residential tenants. Doing so may be a "constructive expulsion" and expose landowners to civil and criminal liability.
Tenancy at sufferance
A rent in misery (sometimes called holdover tenancy) exists when the lessee retains property after the expiration of the lease, and until the host acts to remove the tenant from the property. Although tenants are technically intruders at the moment, and ownership of this type is not real estate on land, the authorities recognize the conditions for holding the tenants responsible for the lease. The owner of the building may evict such tenants at any time, and without notice.
Landowners can also impose new leases on tenant tenants. For residential occupancy, this new rental is month to month. For commercial rent of more than one year, the new lease is year to year; otherwise it is the same period as the period before the original lease expired. In both cases, the owner may raise the lease, provided that the landlord has told the lessee of a higher lease before the expiration of the original lease.
Formality
The formal requirements for a lease are determined by the laws and customs of the jurisdiction in which the property is actually located. In the case of private property, it is determined by the laws and customs of the jurisdiction in which the lease agreement is made.
Rental periods of more than one year must be made in writing to comply with the Statute of Frauds.
Term
Rental period can be set, period or duration is unlimited. If for a certain period of time, the period ends automatically when the period ends, and no notice needs to be given, in the absence of legal requirements. The term duration may be conditional, in this case lasting until a particular event occurs, such as the death of a particular individual. Periodic rentals are the ones that are updated automatically, usually on a monthly or weekly basis. Rental will only last as long as the parties want it, and may be terminated by either party without penalty.
It is common for leases to be extended on a "retention" basis, which usually turns rental into monthly rental by month. It may also be for the tenants, either implicitly or impliedly, to surrender the lease to the landlord. This process is known as "surrender" lease.
Transparency and fine print
As stated by the Australian Consumer Law (ACL), 2013, the lack of transparency regarding terms in standard consumer contracts can cause significant imbalances in the rights and obligations of the parties.
A term is considered transparent if:
- is expressed in a fairly simple language
- can be read
- served clearly
- available to all parties affected by the term
Terms that may not be considered transparent include terms that are hidden in print or a good schedule or expressed in complex or technical languages.
Rent
Rents are a lease requirement in some general legal jurisdictions, but not in the jurisdiction of civil law. In England and Wales it was held in the case of Ashburn Anstalt v Arnold that the lease is not a requirement for any lease, but the court will more often interpret the license where no rent is paid as it is seen as evidence of no intention to create a legal relationship. There is no requirement to rent into commercial quantities; pepper or lease of a nominal amount is sufficient for this need.
Exclusive ownership
Sharing arrangements with many landlord properties or, without special building space for example, can overcome rental findings, but the general terms of this lease are interpreted differently in many jurisdictions.
Special provisions for car rental
In addition to the above, the car rental agreement may include various restrictions on how the tenant can use the car, and the conditions under which the car must be returned. For example, some rentals can not be driven off-road, or out of country, or withdraw trailers, without special permission. In New Zealand you may have to specifically support the promise that the car will not be pushed to Ninety-Mile Beach (due to dangerous waves).
Of course there is a requirement to show the driver's license, and only drivers appear on contracts are allowed to drive. This may include an option to buy car insurance (UK: motor vehicle insurance), if the lessee has no policy to cover the lease - another important consideration for some drivers. Some agents may even require bonds to be paid if the car is not returned in the order, often held in the form of credit card authorization - canceled if the car is returned per agreement. A tenant should be informed that he or she will be liable for any tolls, parking or traffic violations that occur on the vehicle during the rental period. There should also be suggestions for handling theft, accidents, break-downs, and towing.
Further provisions may include additional fees for late returns, drop-offs at different locations, or failure to replenish gasoline immediately before returning.
Finally, there may be provisions for making non-refundable deposits with reservations, terms of payment of the initial period (with discounts, vouchers, etc.), Extended time, and any damages or other charges incurred prior to refund.
Rent property
Lease agreements are often called rentals, especially when real estate is rented. Real estate leases are initiated by rental applications used to build lease terms. In addition to the basics of leasing (who, what, when, how much), real estate rent can discuss in more detail about this and other issues. Real estate can be rented for housing, parking vehicles, storage, business, agriculture, institutional, or government use, or other reasons.
- Who: The parties involved in the contract, the lessor (sometimes called owner or owner) and the lessee (sometimes called the tenant or tenant) are identified in the contract. Rent a home can determine whether the tenant lives alone, with family, children, roommates, visitors. A lease may illustrate the rights and obligations of each. For example, a "sub-let" to a stranger may not be allowed without permission from the owner. This also applies to whether pets can be kept by tenants. On the other hand, the lessee may also have special privileges against interference by the owner (or other tenant), except in case of an emergency. A tenant owns the property, and a landlord will violate the right of the lessee if the entry is made without proper notice and authority (eg, 24 hour notice, daytime, first tap, except for emergency repairs, in case of fire, flood, etc.).
- What: Rental real estate can cover all or part of almost any real property, such as apartments, houses, buildings, offices or suites, land, farms, or just inside or outside spaces to park vehicles, or store items. Rented premises may include not only certain rooms, but also access to other public areas such as off-street parking, basement or attic storage, laundry facilities, swimming pool, rooftop terrace, balcony, etc. This agreement can determine how and when the place can be used, and by whom. There may be a detailed explanation of the current state of the premises, for comparison with the conditions at which the site was submitted.
- When: the possible rental period for the night (eg, hotel room), week, month, or year. There may be legal provisions requiring registration of any lease that may be extended for more than a specified number of years (for example, seven) in order to apply to the new owner.
- Typical rentals are annual or month to month, and rental amounts may vary for long-term tenants (due to lower turnover costs). Leaving a long-term lease prior to expiration may result in a penalty, or even the cost of an entire agreed period (if the owner can not find an appropriate substitute tenant, after a persistent pursuit). If the lessee is beyond the lease limit for a period of years (one or more), then the parties may agree that the lease will be automatically renewed, or may only be converted to a monthly rental of monthly rental with a pro-rata monthly fee of the previous annual lease. If the tenant in will be given notice to get out of place, and refuse to do so, the owner then begins the eviction process. In many places it is completely illegal to turn a lock on the door, or to throw away personal belongings, let alone forcibly remove someone, without an eviction order. There may be strict procedural rules, and stiff penalties (triple damage, plus attorney fees) for offenses.
- How much: Rent can be paid monthly, every year, or in advance, or as agreed. Typical arrangements for rent as they please are "first and last month's rent" plus a deposit. "Lease last month" is a lease that has not been received by the building owner.
Deposit
Guarantee deposits are often handled as escrow deposits, owned by tenants, but held by the owner of the building until they are delivered in good condition (normal use and damage are exempted). In some countries, the owner must provide the tenant with the name and bank account number of the depositary deposit, and pay the annual interest to the lessee. Other rules may require the owner to send a list of pre-existing damage to the property, or lose an immediate deposit (as there is no way to determine if the previous tenant is responsible). In the UK, the government has introduced a deposit protection scheme that leads to some property inventory services that can be optionally used to carry out inventory.
Insurance
To rent (or called rent) in many apartment buildings, tenants (tenants) are often required to provide proof of tenant insurance before signing a lease agreement. There is a special kind of homeowners insurance in the United States specifically for renters - HO-4 . This is usually referred to as tenant insurance or tenant coverage. Similar to the condominium scope, referred to as the HO-6 policy, the tenant insurance policy covers aspects of the apartment and its contents not specifically covered by a blanket policy written for the complex. This policy may also include liability arising from accidental and deliberate injury to guests and passersby up to 150 'of domicile. The tenant policy provides "named danger" coverage, which means that the policy specifically states what is covered by you. Common coverage areas are:
- Unintentional Disposal of Water
- Fire or Lightning
- Smoke
- Theft
- Malicious Vandalism or Malicious
- Windstorm
Additional events include riots, airplanes, explosions, hail, falling objects, volcanic eruptions, snow, hail, and heavy ice can also be covered.
Renting
In real estate law, renting (or, less formally, renting) is the name given to the arrangement in which the lessee (eg the lessee) in the lease leases to a third party, thereby making the old lessee a sublessor, and the new lessee sublessee, or subtenant. This means they not only rent out the property, but also rent it out simultaneously. For example, if the company leases office space directly from the owner, the lessor, and then goes beyond the office, the company may lease smaller office space to another company, subtenant, and enter new leases for larger offices of space, thereby limiting the exposure real their estate.
Sublessor remains liable to the original tenant in accordance with the initial lease, including all remaining lease payments, including operating fees and all other original lease terms. In the lower market, the original tenant may request a lower rental payment from the sub-recipient of what he originally paid, leaving the remaining lease to the lessor to be paid by the original tenant. However, if the market price has increased since the original lease is signed, the sublessor may be able to obtain a higher rental price than that owned by the original tenant. However, many commercial leases establish that any excess lease must be shared with the landowner, lessor.
In residential real estate, it is sometimes illegal to charge a subtenant more than the original amount in the sublessee contract (for example, in a rent control situation in which the rent amount is controlled by law). Inauguration of social housing is generally illegal, regardless of the rental price charged to the subtenant; in the UK is officially described as a category of housing scams.
Sublease can also apply to vehicles as an alternative car rental type. In renting a vehicle, the tenant or the owner of the vehicle may assign the lease to a third party and by way of a contractual agreement for a specific date. Although this arrangement is unpopular, it is a growing trend in the travel industry as a cheaper alternative to travelers and locals.
Equipment rental
Leasing is also used as a form of financing to acquire equipment for use and purchase. Many organizations and companies use lease financing for the acquisition and use of many types of equipment, including manufacturing and mining machinery, ships and containers, off-road construction and equipment, medical technology and equipment, agricultural equipment, aircraft, trains and trains fire. , truck and transportation equipment, business, retail and office equipment, IT equipment and software.
Financing leases are generally provided by banks, prisoners and independent finance companies.
In the United States, the lease of goods is generally governed by Article 2A of the Uniform Commercial Code (UCC) as adopted by various jurisdictions.
See also
- Ecoleasing
- Lease financing
- Leasehold
- Criminal appraisal appraisal
- Leveraged leasing
- Operating leases
- Recordings (legal)
- Renting
- Car rental
References
External links
- Hire Auction Journal
Source of the article : Wikipedia
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