19:12
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Simple English definitions for legal terms
Rent
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A quick definition of Rent:
Term: Rent
Definition: Rent is money that someone pays to use or live in a place that belongs to someone else. It's like borrowing a toy from a friend and giving them a few dollars to play with it for a while. When you rent a house or apartment, you pay the owner a certain amount of money every month to live there.
A more thorough explanation:
Definition: Rent is a payment that is made regularly for the use or occupation of a property.
Example 1: John pays $1,000 every month to live in an apartment.
Example 2: Sarah pays $2,500 every month to rent a house.
These examples illustrate the definition of rent because both John and Sarah are making regular payments to use and occupy a property. In exchange for their payments, they are allowed to live in the apartment or house. Rent is a common expense for many people who do not own their own homes.