Glossary

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Lease
When people are not ready or able to buy a home or a place for their business, they may decide to lease a structure. People who lease their home or building enter into a legally binding contract with their landlord. This contract cannot be breached by either party without penalty. Most leases are signed for six months to a year. During the tenure of a lease, the renter pays the landlord rent each month. Most landlords mandate that rent be paid on the first of every month, although some owners may allow renters to pay on other dates. If the renter does not pay the rent, the landlord can have the building's occupant evicted. Renting gives people with limited finances or those who need temporary shelter the opportunity to enjoy stable housing. Owners also enjoy the chance to make extra income when they lease out their structures and collect rent.