Renting or Leasing definition
Renting or Leasing a lot shall mean the granting of a right to use or occupy a lot, for a specified term or an indefinite term, whether or not rent is paid. It shall not mean or include joint ownership of a lot (by means of joint tenancy, tenancy- in-common or other forms of co-ownership), or the occupancy of a lot by any person who resides in a lot with its lot owner or a related party, whether or not rent is charged.
Renting or Leasing a Unit means the granting of a right to use or occupy a Unit, for a specific term or indefinite term (with rent reserved on a periodic basis), in exchange for the payment of rent (that is, money, property or other goods or services of value); but shall not mean and include joint ownership of a Unit by means of joint tenancy, tenancy- in-common or other forms of co-ownership.
Renting or Leasing an Apartment shall mean the granting of a right to use or occupy an Apartment, for a specified term or indefinite term (with rent reserved on a periodic basis), in exchange for the payment of rent (that is, money, property or other goods or services of value); but shall not mean and include joint ownership of an Apartment by means of joint tenancy, tenancy-in-common or other forms of co-ownership.