Renting or leasing

[Angel19851]

First of all what is the difference between leasing and renting?
My husband and I are thinking about building a house for our son with special needs and will need to finance it all. He will live with a roomate and an acency (LSS) will run it. They mention something about leasing the home from us. We are not sure of anything at this time. We are in our late 40's and bought a farm from husbands parents on a land contract so we are really dumb about everything.
can someone help with the first question of a thousand? ha ha

[elklaw]

Leasing and renting are pretty much the same thing. Leasing denotes a more formal contractual relationship. Basically, the agency wants to lease the home from you as a facility used to special needs folks and you would receive payments based on the lease terms (monthly, weekly, bi-weekly, or yearly, quarterly are usual ways to pay). Renting is letting a person use property for a fee and it denotes either an informal or formal situation. Lease means more formal terms. Renting can have that also. Both are interchangeable terms.

[Angel19851]

thank you. I would imagine then my son would paid the agency rent and the agency that will be running his program then will mail it to us. Thanks for the answer. where would I find out what a person should be aware of in a leasing agreement?