ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A lease agreement defines the rights and responsibilities between a landlord and tenant. Still, it does not limit the length of time for which it will be valid. On the other hand, a rental agreement defines when rent will be paid, along with other terms related to the renting process, such as deposits, fees, and taxes.

Detailed explanation-2: -In a landlord and tenant relationship, the parties are often referred to as lessor (landlord) and lessee (tenant). Indeed, a lease is a contract that creates the same relationship as exists between a landlord and tenant: the lessor owns property and allows the lessee to use it for a fee.

Detailed explanation-3: -Do you know that there are two main types of Rent Agreement-Lease & Licence Agreement and Lease Agreement.

Detailed explanation-4: -Answer – A tenancy agreement is a legally binding document that has mutually agreed on terms from the tenant and the property owner regarding the rental occupancy of the space.

Detailed explanation-5: -A lease agreement transfers the ownership for a certain period and the actual owner does not have any possession during lease tenure. In a rent agreement, a landlord has full control over the property.