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There is very little chance that people out there, including you, know the difference between lease and rent house. Verbally, people use both words interchangeably, but technically, they both have different meanings.

Lease and Rent

Amid the pandemic crisis, individuals are compelled to seek affordable housing options, either through renting or leasing flats. It’s important to note that a lease differs from a rental agreement. In a lease agreement, one party grants the other party the possession of an asset for a mutually agreed-upon period. Legally, a lease serves as a means to rent accommodation and establish a settlement.

For example, you may have moved to a new city and chosen a suitable place according to your requirement where you have signed a lease agreement. Being unaware of the city and the new people living in your locality, you may want to shift to any other building as you get accustomed to the city. Here, a rental agreement proves beneficial.
Read: Everything You Need to Know About the Ready Reckoner Rate in Pune

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