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Nt of the rent for the entire agreed term. The agreement may not be terminated early unless the agreement contains a break clause or written permission is obtained from the landlord. 2. Where there is more than one tenant, all obligations, including those for rent and repairs can be enforced against all of the tenants jointly and against each individually. Where the tenancy is subject to deposit protection then joint tenants may have to nominate a lead tenant, to act on their behalf with the Lan.
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Ba2 FAQ
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For example, if a car dealership leases a vehicle to someone, the car is the asset. The person renting the car is the lessee and the dealership is the lessor.
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A lease is a contract between a tenant and landlord that gives a tenant the right to live in a property for a fixed period of time, typically covering a 6- or 12-month rental period. A contract between the landlord and tenant binds the parties to the lease.
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A lessor is essentially someone who grants a lease to someone else. As such, a lessor is the owner of an asset that is leased under an agreement to a lessee. The lessee makes a one-time payment or a series of periodic payments to the lessor in return for the use of the asset.
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In a lease agreement, the lessor is the person or party that issues the lease (allows the property to be rented), and the lessee is the person that the lease is granted to (the person paying rent to use the property).
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A lessee is defined as the entity paying for the use of specific property from a lessor. For example, if a person leases a vehicle from a car dealership, the person using the car is the lessee. Conceptually, the lessee is paying the lessor for the “right to use” the asset.
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The lessor is always the owner of the asset. For example, if a car is the asset in question, the lessor would be the property owner or auto dealer leasing out the car. The lessee is always the one using the asset temporarily. They never own the asset over the course of the lease.
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A rental agreement is often called a lease, especially when real estate is rented.
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A lease is an implied or written agreement specifying the conditions under which a lessor accepts to let out a property to be used by a lessee. The agreement promises the lessee use of the property for an agreed length of time while the owner is assured consistent payment over the agreed period.
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