Concept

Renting

Summary
Renting, also known as hiring or letting, is an agreement where a payment is made for the use of a good, service or property owned by another over a fixed period of time. To maintain such an agreement, a rental agreement (or lease) is signed to establish the roles and expectations of both the tenant and landlord. There are many different types of leases. The type and terms of a lease are decided by the landlord and agreed upon by the renting tenant. History Various types of rent are referenced in Roman law: rent (canon) under the long leasehold tenure of Emphyteusis; rent (reditus) of a farm; ground-rent (solarium); rent of state lands (vectigal); and the annual rent (prensio) payable for the jus superficiarum or right to the perpetual enjoyment of anything built on the surface of land. Reasons for renting There are many possible reasons for renting instead of buying, for example: *In many jurisdictions (including India, Spain, Australia, United Kingdom and th
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