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Thursday, October 19, 2006


Payment in exchange for the temporary use of something

When you pay rent for an apartment or house, you are not building equity unless your rent payments are going towards a down payment to own the home in the future. The owner of the property is called a landlord and the renter is called a tenant. The rent is mutually agreed upon by both the landlord and the tenant, and is written into a rental agreement or lease.
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