by Michael Barnes
Part 1 of a Series
Due to these tough economic times, many homeowners who have lost their homes, due to foreclosures or other similar circumstances will need to make the change to renting. These articles are designed to give you information to make that transition.
This article is designed to share basic concepts. In following articles we’ll look more deeply at what is involved in renting.
The owner of the property receives a fee for using it when you rent. It is the fee that you pay for using it as though it were your own. Your status, at law, derives from what agreement or contract you reach. This rental contract is usually in writing and is most frequently called a lease.
The most common kind of tenancy is a tenancy for a fixed period. This simply means that you can occupy the house or apartment for an agreed period of time a, certain number of weeks, months or years, according to the terms of the lease. Unless you or the landlord violate part or all of the lease agreement, you must continue to pay rent and the landlord must allow the agreed period of time.
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