What does let mean in property

To let is only used by the owner of a property. For example, the owner of a house or an apartment may want to give the possession and use of it to somebody else for a fixed period. The owner then receives periodic payment in return for letting out the property.

1. What does it mean if a property has been let?
2. What is the difference between let agreed and let?
3. Why does let mean rent?
4. What is the difference between lease and let?

What does it mean if a property has been let?

When you see the term Let. Then it is just that. The property has been let out to a tenant and all contracts etc have been completed. Let Agreed is used when a prospective tenant has indicated they would like to rent a property and has verbally committed to renting it. However, the process is far from complete.

What is the difference between let agreed and let?

Let vs let agreed

Let agreed comes before 'let' and this just means a deal is in place in principle between the landlord and potential tenant, but no contracts have been signed and the potential tenant still has to undergo checks.

Why does let mean rent?

They are mirror terms: "Let" is what the owner of a property does when they allow someone else to use it in return for money ("rent" as noun). "Rent" (as verb) is what someone does when paying someone else for the use of their property.

What is the difference between lease and let?

A lease: a legal agreement granting possession for a specified term. Let = allowing occupancy. Explanation: ... Lease: a contract whereby one party, known as the lessor, grants possession of real property, for a specified term, and for a predetermined consideration, to another person, known as the lessee.