what does "let" mean in rent?

To rent is a verb that means to allow someone to make use of the property or to live in it temporarily in exchange for a payment. This payment is monthly and is also called renting the place. To rent means to make available for rent, but when a property has been rented out, it simply means that it is no longer available for rent. In simple terms, there is a big difference between a Let Agreed and Let property.

Let Agreed means that a tenant has shown a serious interest in a property and has made a verbal offer to let it. This initial offer will have been accepted in principle by the landlord or letting agent and, as a demonstration of the tenant's commitment, the tenant will have been asked to pay a refundable deposit to reserve the property, whilst the necessary reference checks are carried out. The deposit cannot exceed one week's rent in the case of fixed-term tenancies. When a property is rented, this means that the "dotted i's" have been dotted and the rental contract has been signed.

At this stage, if the tenant does not already live in the property, it is very likely that he or she will do so soon. The term "renting" is only used by the owner of a property. For example, the owner of a house or flat may want to give possession and use of it to another person for a certain period of time. The owner then receives a periodic payment in exchange for renting out the property.

When you see the term Let. The property has been rented to a tenant and all contracts etc. have been completed. Let agreed means that a prospective tenant has expressed a desire to rent the property in question, has made a verbal offer and the landlord has accepted it.

The tenant will also deposit a deposit to pass the property to Let Agreed, but the deal is not yet finalised. Let Agreed means that the property is no longer on the market. A tenant has been found and the landlord or letting agency is in the process of signing the documents that start the rental contract.