Rent

Rent is a periodic payment for the use of a property to the landlord, it could represent a return for wise spending in years gone by, a return on investment and therefore, the higher the better.

Types of Rent

1. Pappercom: This is a normal rents, reserves with no intention, on either side, that if it should paid for a common thought erroneous view that the reservation of some rents are necessity to constitute a valid lease.

It is common building in which it is often reserved for the period of building development when rental income is yet to be received by the lessee.

2. Ract Rents: This is full annual value of the property, or near to. It must be determined according to value.

3. Equality Rents: This is paid by the leasee to the landlord which varies from time depending on rents he received from sub-tenants and other occupiers.

4. Progressive or Escalating Rents: A progressive rents is one that is made to rise by amount and at times specified in the lease or tenancy agreement.

5. Sliding Scale/Indexed Rents: This is the one that provide division of profit and loss between landlord and tenant by a rents that rises or falls with the price of the produce of the property let.

6. Insurance Rents: When the landlord insured the demised premises, the lessee will generally make provision for insurance rents equal to the premium paid by the landlord.

7. Dead Rents/Royally Rents: Mining usually stipulated two types of rent-dead rent/royalty rent. A dead rents is the rents payable by a lessees whether the mines are worked or not. A royalty rent is the payment made by lessees based on the quality of minerals mined which will vary with production.

8. Panel Rents: This is an additional rent by a lessee for breach of covenants in lease. Section 20 of the land use act of 1978 stipulated payment of panel rents for unlawfully alienation of statutory right of occupancy.