Join Australia's most dynamic and respected property investment community

?? Silly question ?? - Legal

Discussion in 'Living Room' started by moyjos, 12th Dec, 2015.

  1. moyjos

    moyjos Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    280
    Location:
    Sunshine Coast
    just me wondering?

    What is the legal difference between the words "Rent" and "Lease" (if any)

    I got thinking this afternoon as I watched a RE agent sticking a LEASED sticker over the FOR RENT sign on a house just up the road.

    Is there any difference or the two words totally interchangeable in law?
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,972
    Location:
    Sydney
    Rent is the money you receive, lease is the agreement. Sometimes one is used for the other.
     
    legallyblonde, moyjos and Xenia like this.
  3. Xenia

    Xenia Adelaide Property Manager Business Member

    Joined:
    21st Jun, 2015
    Posts:
    2,345
    Location:
    4/136 The Parade Norwood, South Australia
    Rentered! :)
     
    MTR and Scott No Mates like this.
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,972
    Location:
    Sydney
    I leased the property out = a rented the property out.
     
    Xenia and moyjos like this.
  5. moyjos

    moyjos Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    280
    Location:
    Sunshine Coast
    Thanks Terry. :)

    Interesting... The Qld RTA general tenancy agreement (lease) does not actually have the word "lease" anywhere in it.

    Where as our shed lease is controlled by a REIQ Commercial Tenancy Lease Agreement.
     
  6. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,972
    Location:
    Sydney
    In the NSW Residential Tenancy Act 'rent' is used to refer to the fee. 'lease' is only used a few times and used in the sense of the agreement. The main phrase for the agreement is "
    residential tenancy agreement"
     
  7. SeafordSunshine

    SeafordSunshine Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    373
    Location:
    Sydney
    For Lease=Commercial
    To Let =Residential
    on second thoughts, wouldn't it be a good idea to write up a glossary of terms?
     
  8. legallyblonde

    legallyblonde Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    685
    Location:
    TAS
    I agree with Terry... Rent is paid as per the lease agreement.
     
  9. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,972
    Location:
    Sydney
    And a mortgage doesn't mean a loan (while we are at it)

    A mortgage is the charge taken over property to secure a loan, but they are different things.

    you can't pay off a mortgage, but you can pay off a loan and then discharge a mortgage.
     
    Xenia and MTR like this.
  10. pinkboy

    pinkboy Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    911
    Location:
    Mackay, Qld
    I guess while we are at it, 'cement' isn't the stuff you walk on.

    'Concrete' is the result of the ingredients of 'cement', water, sand and aggregate.

    /phew, feels good to get that off the chest.

    pinkboy
     
    Hodge and Terry_w like this.
  11. moyjos

    moyjos Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    280
    Location:
    Sunshine Coast
    Oh don't get me started on "cement" paths/driveways.
    My Dad had a concrete truck when I was quite young and I learnt the difference