A lease is defined as a contract between an owner (lessor or landlord) and a lessee (tenant) which gives the tenant a tenancy. Tenancy is an arragement, by another (tenant) to take exclusive possession of land in consideration for rent. Tenancy is also known as the interest of a person holding property by any right or title. Under the normal framework of a lease, the tenant takes possession and use of a property in return for rent payment. The lease is usually a written agreement which actually transfers the right to exclusive possession and use of real estate for a definite time period. Another name for the lease is a rental agreement.The lessor (landlord) owns the property and signs the lease to give possession and use to the lessee (tenant). The lessor keeps the right to retake pos... 12/22/2006

The Consumer Credit Protection Act is the legislation that launched truth in lending disclosures. This was a landmark legislation. For the first time . creditors had to state the cost of borrowing in a common language so that the consumer could figure out what the charges are, compete the costs od loans, and shop for the best credit deal. The Truth in Lending Act (TILA) , title I of the consumer credit protection act is aimed at protecting the informed use of conusmer credit by requiring disclosures about its terms and costs. THe TILA is intended to enable the customer to compare the cost of a cash transaction with the cost of a credit transaction and to see the difference in the cost of credit among different lenders.  Its main purpose is to assure a meaningful disclosure of credit ter... 11/27/2006