Residential Sales and Lease

In residential leasing, a property is rented out for a predetermined amount of time, whereas in residential sales, property ownership is transferred.

Sales of Residential Property

Meaning:
Residential sales include the purchase and sale of real estate for residential use by one or more families.
Change of Ownership:
At the conclusion of a sale, the purchaser becomes the sole owner of the property.
Continuous Engagement:
Following the sale, the seller is released from all further obligations pertaining to the property.

Leasing for Residential Use

Meaning:
When a landlord (owner) grants a tenant (renter) the privilege to reside in a property for a predetermined amount of time in exchange for rent, this is known as residential leasing.
Contract for Lease:
A lease agreement specifies the rental's conditions, such as its length, rent amount, and the obligations of the landlord as well as tenant.
Permanent Obligations:
Usually, landlords have recurring duties like managing tenants and maintaining the property.

Rent versus Lease

The terms "lease" as well as "rent" are frequently used synonymously; however, an agreement to lease is a formal contract that specifies the conditions of the rental, whereas "rent" is the tenant's periodic payment.