WHAT IS
A LEASE
LEASE
is a contract that creates the relationship of landlord and tenant. A
contractually binding agreement that grants a right to exclusive possession or
use of property, usually in return for a periodic payment called rent.
(Encyclopedia of Real Estate Terms 2nd Edition, Damien Abbott)
Thus, Leasing
means obtaining the physical and partial economic use of a property for a
specified period without obtaining an ownership interest.
Lessee The person renting or leasing the
property, also known as a tenant.
Lessor The person who rents or leases a property to another, Also
known as a landlord.
WHAT IS
A RENT
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RENT or Renting is an agreement where
a payment is made for the temporary use of a good or property- in real estate, owned
by another person or company. It is flexible, short term, pre-determined and
terms can be changed. Agreement is also binding, in oral, but sensible if done
in writing, can be cancelled anytime (but of course based on prior agreement
between the lessor and lessee, and base on the Rental law of the Philippines).
Republic Act No. 9653 - AN ACT ESTABLISHING REFORMS IN THE REGULATION OF RENT OF CERTAIN
RESIDENTIAL UNITS, PROVIDING THE
MECHANISMS THEREFOR AND FOR OTHER PURPOSES.
Sec. 4.
Subleasing or Assignment of Lease. — Subleasing or assignment of lease
of the whole or any portion of the residential unit without the written consent
of the owner lessor is prohibited. In no case shall the sublessor or assignor
charge rentals higher than the rental charged on the property by the owner
lessor: Provided, That if the subleased or assigned area in less than the total
area originally leased, the rental shall be proportionately reduced.
You may wish to Download a copy of the Rent Control Act of 2009 otherwise known as the R.A.9653. If your situation doesn't fall under this act, you may always want to go and check the Philippine Civil Rights.
REFERENCE:
- REALTORS Commercial Alliance: Commercial Real Estate Terms
- http://www.congress.gov.ph/download/ra_14/RA09653.pdf
- http://www.gov.ph/downloads/1949/06jun/19490618-RA-0386-JPL.pdf
