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 the property to another person for a certain period of time. The owner then receives a periodic payment in exchange for renting out the property. A letting agent is a facilitator through whom an agreement is made between the landlord and the tenant for the rental of a residential property.
It is commonly used in countries that use British English, including Commonwealth countries. In the UK, Australia and New Zealand, the agreement between landlord and tenant is usually formalised by the signing of a tenancy agreement. A letting agency usually charges a commission for its services, usually a percentage of the annual rent. At present, there are no legal provisions on the regulation of letting agents.
About half of the letting agents in the UK are currently self-regulated. The main organisations of letting agents are the Association of Residential Letting Agents (ARLA) and the Royal Institution of Chartered Surveyors (RICS). These organisations have codes of practice and compliance controls governing the activities of their members. The landlord rents a property by having the new tenant sign an entirely new lease.
This is also known as an assignment of the lease to a new party. The re-letting of the property voids the original lease and releases the original tenant from any continuing obligations. Reletting to another tenant establishes an entirely new contractual relationship between the new tenant and the landlord. Letting management occurs when a property owner pays a letting agent to find suitable tenants on their behalf.
Their responsibility is to advertise the property and screen applicants, and the landlord makes the final decision on who can move in. This information should not be considered complete or up to date, and is not intended as a substitute for a visit, consultation or advice from a legal, medical or any other professional. As letting agents act as intermediaries between the property, the landlord and the tenant, it is important that they are aware of the client's requirements, such as location, size of property, budget, pets, etc. This term applies to real estate and the words contracting are most commonly used when talking about personal property.
The word can be very important from a legal point of view, as in the statement Lucy let Johnny have sex with her can make a big difference in a rape claim. Letting and renting are words that are used both from the perspective of landlords and those looking for places to live. It may be a good idea to meet with a lawyer who specialises in leases if you are involved in a dispute relating to subletting or re-letting a property. Leases often explain whether the tenant can sublet the property and whether the tenant can re-let the property or assign the lease to another tenant, so understanding these terms can help avoid confusion and legal problems later on.
Letting agents often operate under the umbrella of an estate agent because of the synergies between the two professions, but there are many agents who deal exclusively in lettings. Both renting and leasing mean the same arrangement whereby the landlord allows the use of the property on a temporary basis to the tenant in exchange for money. Although there may seem to be no distinction between renting and property management, it is important to understand the difference between the two. Renting is very similar to selling; the difference is this; instead of selling the thing itself, the letter sells only the use of it.
If you are new to a place, you will obviously ask estate agents or estate agents to help you find rented accommodation.