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In order to rent or lease in many apartment buildings, a renter (also referred to as a “lessee") is often required to provide proof of renters insurance before signing the rental agreement. There is a special type of the homeowners insurance in the United States specifically for renters — HO-4.
A rental agreement may provide for the renter or lessee to become the owner of the asset at the end of the rental period, usually at the renter's option on payment of a nominal fee. Such arrangements may be known as Rent-to-own, a term used in the United States for rental of furniture or appliances. The term is also used in the US for real ...
The option gives the tenant the right (but not the obligation) to purchase the property at a later date. The lease option only binds the seller to sell, it does not bind the buyer to buy. That makes it a "unilateral" or one-way agreement. In contrast, a lease-purchase is a bilateral, or two-way, agreement. The basic elements of a lease-option ...
The term rental agreement can refer to two kinds of leases: A lease in which the asset is tangible property . [ 3 ] Here, the user rents the asset (e.g. land or goods) let out or rented out by the owner (the verb to lease is less precise because it can refer to either of these actions). [ 4 ]
U-Haul Holding Company is an American moving truck, trailer, and self-storage rental company, based in Phoenix, Arizona, [1] that has been in operation since 1945. The company was founded by Leonard Shoen and Anna Mary Carty in Ridgefield, Washington, who began it in a garage owned by Carty's family, and expanded it through franchising with gas stations.
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