Re: Mmmmm, I don’t think so. - Posted by Rick V
Posted by Rick V on April 07, 1999 at 03:02:17:
Your definitions are technically correct - A lease is the contract that they sign, but rent is what they pay under the lease. In the rental community, the terms “to Lease” and “to Rent” are commonly used to mean the same thing.
Go check a rent-to-own furniture store, you will find out that they do not have a loose arrangement at all - but instead the renter (lessee) signs a fairly detailed contract. When the general public thinks of rent-to-own, this is the kind of thing they are thinking of, not some loose arrangement in which they can walk away any time they want.
Incidentally, it is the option, not the lease that does in fact give the L/O buyer the right to walk away without liability.
P.S. My apartment and house signs say “For Rent” and my ad appears in the “Apartments for Rent” or “Houses For Rent” columns of the newspaper, but my tenants do sign a “Lease.”