Whats the difference between renting and leasing?



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While some people are of the opinion that renting and leasing is just the same thing, it is widely agreed that renting and leasing are different in their meanings. There are a number of differences between the meanings of these two terms. They are the following:

Renting is actually a ‘bond term’ where you disburse money to manage a property like an apartment or housing. Leasing is where your money is functional in buying a piece of property.

Lease is a term that is commonly used while acquiring a car, bus or any vehicle. Generally, the term rent is not used while a car or any vehicle is taken from the owner for a specific period of time.

Renters on no account get ownership of anything that they take from the owner.

The basic distinction between renting and leasing is the fact that while renting does not involve any fixed period of time lease involves a fixed period of time. Within this fixed period of time, you have to return the property that you have taken as lease.

Lease is out and out a business term and is generally used for business oriented purposes. During business transactions, therefore, this term is often used.

Can a landlord evict a tenant out of business premises without notice?

No a landlord cannot evict a tenant without notice. To evict a tenant he needs to go through certain procedures. According to the law, there are four types of evictions where notice is essential in every case.

  • A tenant might not agree with the eviction idea designed by the landlord. In that case the tenant will have to be given a ten days notice to comply or move out. If the tenet solves the problems for his eviction, then the tenant cannot ask him to move out.
  • If tenant destroys the property of the landlord, he can ask the tenant to move out. In that case the landlord is supposed to give his tenant a three days notice to move out. After the tent receives this kind of notice he needs to move out immediately.
  • There might be some hidden reasons for which the landlord might want the tenant to move out. He is not bound to provide the reason for such an eviction. But the landlord will have to give his tenant a 20 day notice period. In this case the tenant can be asked to move out only after the notice period is over.
  • In certain cases when rentals are converted to a condominium, the tenants must be given a 90-day notice as stated in the state law.

Apartment Pet Deposit


Apartment pet deposit is a requirement for some landlords and leasing companies for specific tenants who have pets or animals. An apartment animal deposit as it is sometimes called is extra money that the tenant is required to pay in advance to be able to repair any and all damages caused by a pet during the lease of the apartment. Though many tenants see these fees as being ridiculous the fact of the matter is pets will destroy things such as carpets and tear up wallpaper, this means that in order for the landlord to make the property ready for some one else to live in he/she might be required to replace these furniture and the costs initially taken as a security deposit might not be sufficient. Depending on your lease contract a portion of the pet deposit may not be refundable as it would probably be used specifically for cleaning out the apartment and pre-cautionary measures such as sanitizing. As it pertains to pets in an apartment complex, apartment pet deposit may com with certain stipulations:

  • The tenant may only keep the pet based on the approval of the landlord.
  • The landlord can have the right to amend his earlier decision and block the tenant from having a pet due to damages to the apartment.
  • The landlord can refuse to have a large dog such as a German Sheppard in his apartment but can make accommodations for a French poodle.
  • A pet lease must accompany the apartment pet deposit. This is not deemed legal otherwise.
  • The landlord has the right to ask for vaccination documents for the pet before granting a pet lease and accepting an apartment pet deposit.
  • The refunding of a pet deposit is at the discretion of the landlord based on damages perceived to be created by the pet.

However there is a provision and loop holes for some tenants that do not require a pet lease and a subsequent apartment pet deposit. This is if the tenant is physically challenged. This means that the tenant could be visually, hearing and physically impaired and require the assistance of a service dogs to carry out day to day functions. A landlord cannot force any cumbersome pet laws on individuals such as these.

How To Rent An Apartment with bad credit

Bad Credit ApartmentsThis is a step by step guide of how you can rent an apartment with bad credit. There is hope for people with poor credit history who are having a problem getting a decent apartment. Though it might be more difficult to get a home loan or get a credit card with bad credit. In the past it was very difficult for a loan applicant to get a mortgage loan, however it was a seamless process to acquire an apartment to rent, however over the last decade things have changed dramatically; it has become very easy to acquire a sub prime mortgage which is essentially a mortgage loand regardless of your credit score. It has also become quite easy to acquire a credit card with poor credit. Despite that fact renting an apartment has become very difficult with the landlord requesting credit checks and references. However there are ways to rent an apartment despite the applicant’s poor credit history.

To improve the chances of your application being approved you should follow these guidelines:

Obtain a Letter of Reference or Recommendation

Along with your application to rent an apartment you should endeavour to include a reference letter or a letter of recommendation from your previous landlord or from your financial institution. By this time you should be well underway to improving or repairing your credit score. If not you should submit your information for a free couselling session by clicking on the link below. Then return to this page and complete reading this article.


Veracity Credit Optimization

If the landlord or rental agency denies your application as a result of poor credit then offer to provide other reference letters. These can possibly help to influence the decision and make them reconsider their earlier decision. We recommend a current:

  • - Credit Card Statement
  • - Car Loan Statement
  • - Personal Loan Statement

If you were previously evicted and were consistently late with your rental payments then this might impair the chances of you getting a good apartment. If this is the case then we recommend that you use the second option to assist in improving your chances.

Pay At Least Three Month’s Rent in Advance

Though this might prove difficult, leasing an apartment is risky for the landlord and you can improve your chances of renting the apartment by making more than one month deposit. This means that you can pay up to three months in advance including the current month. A very daunting task but if you have no choice because you were evicted then you will have to adjust yourself properly to accommodate this situation. The best thing is to negotiate with your prospective landlord an affordable payment arrangement. This will enlighten the fact that you are serious and willing to commit to payment plans. The best arrangement is to borrow the funds if you don’t have it and pay it off over a longer length of time. You can obtain an easy personal loan by clicking on the advert below.
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You should check your credit before applying for an apartment and contact the apartment agency or landlord and ask about rental requirements. Though some landlords won’t concern themselves with credit history it is imperative that you keep this plan in mind.

Obtain a co-signer to sign on the lease with you.

If both of these plans fail then you should ask if you can get a co-signer to come on the loan with you. If they can sign with you they should have solid credit rating and a good credit history. This means that you can make sure that the process works smoothly and seamlessly.

Apartment Security Deposit

First let us define exactly what an apartment security deposit is. This is money that is paid by the tenant to the landlord as a means of monetary security to the landlord. Depending on your lease agreement this might actually be based on several reasons, in the event of damage to the apartment, un paid bills on the apartment or failure to quit the premises by the tenant based on the terms of the lease agreement (such as remaining in the premises after the lease is up). The tenant will be given back the apartment security deposit back when they move out of the apartment, the landlord goes in and inspects it and makes any deductions for repairs that were caused by the tenant or costs for restoration of the apartment. However there are a few things that you should do to secure your apartment security deposit to ensure that you do get back the majority if not all your security deposit money.

Point Out All Damages Before You Rent: Point out all damages before you rent any apartment to the landlord and have him/her document those damages in the lease.

Take Pictures Before And After You Leave: Ensure that before you occupy the premises especially of the damaged areas of the apartment. When you are leaving you MUST do the same, the actions of a landlord are very unpredictable and they might claim that you created new damages and those pictures might be the very proof you will need in a small claims court.
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Don’t Create Unnecessary Damage: Don’t bore holes in walls to hang pictures, don’t use new paint if you don’t have to and don’t make any other major alterations.

Leave It The Way You Found It: Use those images to create exactly the same look when you got the apartment to the day that you are leaving it.

Invite Your Landlord For An Inspection On The Day You Quit The Premises: Invite the landlord to come and view the premises on the day of you quitting the premises, that way you both can have a bird’s eye view of the state of the apartment at the same time.

Know The Law For Your State: Use the chart below to determine the laws within your state on how long it takes for a landlord to refund your apartment security deposit and what exactly he can do with it.

However you must note that the landlord has the right in most cases to deduct for the following:

  • Broken plate glass windows
  • Damages to concrete or dry wall partitions (holes to hang pictures)
  • Cigarette marks of sofas and other furniture or cooking burns on a wall by a stove or fire.
  • Where pet droppings or stains exist on the carpet or dry walls

The landlord does not have the right to use your apartment security deposit for

  • Repainting
  • Worn down carpets or furniture
  • Cleaning out an apartment.

There are many disputes over apartment security deposits mainly based on the definition of what Norman wear and tear is as is described in most apartment leases. If you don’t like what a landlord has done just file suit against him in a small claims court, ten chances to one you will win if you followed the steps above.

 

STATE                       MAXIMUM NUMBER OF DAYS
Alabama                    No statutory deadline
Alaska                        14 days
Arizona                      14 days
Arkansas                   30 days
California                   60 days
Colorado                    30 days
Connecticut               30 days
Delaware                   20 days
District of Columbia   45 days
Florida                       45 days
Georgia                     30 days
Hawaii                        14 days
Idaho                        30 days
Indiana                      45 days
Iowa                          30 days
Kansas                      30 days
Kentucky                   60 days
Louisiana                   30 days
Maine                        30 days
Maryland                    45 days
Massachusetts          30 days
Michigan                    30 days
Minnesota                 20 days
Mississippi                 45 days
Missouri                     60 days
Montana                    30 days
Nebraska                   14 days
Nevada                      30 days
New Hampshire         30 days
New Jersey                30 days
New Mexico               30 days
New York                   No statutory deadline
North Carolina           30 days
North Dakota
            30 days
Ohio                          30 days
Oklahoma                  30 days
Oregon                      30 days
Pennsylvania             30 days
Rhode Island             20 days
South Carolina           30 days
South Dakota            14 days
Tennessee                No statutory deadline
Texas                        30 days

Utah                          30 days
Vermont                    14 days
Virginia                      30 days
Washington               14 days
West Virginia             No statutory deadline
Wisconsin                  20 days