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ships and boats, in which case rental is known as chartering, and the rent is known as hire or freight (depending on the type of charter) aircraft, in which case rental is known as chartering, or leasing if the rental is longer term; specialized tools, such as a chainsaw, laptop, IT equipment or something more substantial, such as a forklift.
For rental business' working across country boundaries then additional special functionality may include multi-currency, multi-tax jurisdiction and multi-lingual needs. There are also specialized forms of rental which are either a precursor to a sale of a large piece of equipment, or a special business model normally referred to as Rent-to-own.
In general, by paying the negotiated fee to the lessor, the lessee (also called a tenant) has possession and use (the rental) of the leased property to the exclusion of the lessor and all others except with the invitation of the tenant. The most common form of real property lease is a residential rental agreement between landlord and tenant. [8]
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