The terms "tenant vs owner" refer to distinct roles in the context of property. Both have different rights, responsibilities, and legal standing. The owner of a home, flat, condominium, land, or other real estate that is leased or rented to a person (known as a tenant) is known as a landlord. Read on to get the key difference.
Key Difference Between Tenant and Owner
Here’s a breakdown of the key differences:
Tenant |
Owner |
A tenant is someone who rents or leases a property from the owner. |
The property owner has legal ownership of the property, meaning they hold the title or deed and have full control over the property. |
Tenants have the right to occupy the property but do not have any ownership rights. |
They can live in it, sell it, lease it out, or transfer ownership to someone else. |
A tenant’s right to stay in the property is determined by the lease or rental agreement, which typically has a fixed duration, such as 11 months or a year. After the lease expires, it may be renewed or terminated. |
As the legal owner, they can stay in the property indefinitely unless they choose to sell or lease it. |
A tenant’s financial obligations are limited to paying rent, security deposits, and sometimes utility bills. The tenant is not responsible for property taxes or major repairs unless specified in the agreement. |
The owner bears the long-term financial responsibilities related to the property, including property taxes, maintenance, and any mortgages or loans taken on the property. |
Tenants are generally required to maintain the property in good condition and handle minor repairs, as agreed upon in the rental agreement. |
The owner is responsible for structural repairs and major maintenance work. |
I hope you found this answer helpful.
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What is the Difference Between Tenant and Owner?
Keerti
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2024-09-25T11:25:17+00:00 2024-09-26T04:22:50+00:00Comment
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