Does renting and lease mean the same thing in a real estate contract?

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Does renting and lease mean the same thing in a real estate contract?

We signed a owner finance agreement and it says we will be in default if we

lease the property. I am wondering if legally we can rent it with no contract.

We wanted to know if lease and rent although similar, might have 2 different

legal meanings.

Asked on June 24, 2018 under Real Estate Law, Alaska

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

No, renting and leasing have the same meaning in this context and can be used interchangeably. Also whether you have a written lease or just an oral (unwritten) one makes no difference: there is always some lease or contract (the agreement under which you rent or lease), and oral agreements are enforced just like--and therefore treated like--written leases or contracts.


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