Overview on leases: finance lease, operating lease, lease leaseback - Part 1
Among the atypical contracts of a financial nature, leasing is perhaps the most important and widespread. Born in the Anglo-Saxon banking world several decades ago, has now become very frequent in Italy and in the rest of the world.
It has also tried to give a corresponding terminology Italian leasing (lease, given the similarities with the ordinary lease), but there is no doubt that the original word continues to be the most immediate and widespread.
As a legal transaction atypical and therefore not regulated by any law of the Civil Code, the characteristics of a lease contract are determined by the common practice internationally.
There are actually two types of leasing: the operational and financial.
Under an operating lease come into play only two subjects: the owner of an asset (future owner) and anyone - entrepreneur or private citizen - who intend to use it but do not want or do not have the means to buy it (future tenant).
Thus, the parties agree to establish an report of financial lease: the goods are taken over and used for his own purposes by the lessee for a certain period of time, during which he will pay the royalties to the lessor, it is often also agreed an initial deposit.
At maturity, you can configure three possibilities: the property may be returned to the owner, or there may be a new lease. But the most common solution is the purchase, with which the lessee pays a fee final (usually of negligible value), and finally becomes owner of the property.
Instead of operating leases, finance leases is presented as a trilateral relationship: between the original owner and the future user of the asset stands a person who specializes in this type of contract (a bank, a financial intermediary ...) where the future tenant is addressed.
The intermediary shall, therefore, to purchase the property from the original owner and to enable their use to the customer in exchange for the payment of customary fees. Here also, usually, the relationship between the parties ends with the ransom.
Given that the ransom is just by far the most common outcome of any lease, there is a clear difference with a normal lease, in which the asset is eventually returned to the sender.
But there is another difference: usually in leasing the risks and rewards of ownership of the asset accrue to the lessee rather than the lessor (as opposed to what happens in the common location). The maintenance work, for example, are paid by the user.
At the same time, however, many may find it convenient to resort to leasing rather than buying a normal, perhaps as a solution to cope with the lack of immediate liquidity.
In practice, with leasing you are on a road a bit 'winding not only to use but also to become owners of the property in question.
In this sense, it constitutes in effect a form of financing: so much so that it stands out in the fees paid share capital (relative to the value of the property) and a portion of interest (remuneration in favor of the landlord to the loan granted indirectly ).
Any property may be leased: usually it is a vehicle, building or industrial machinery, but the record tells of pieces of furniture or even jewelry and wedding dresses.
30/03/2009
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Translated via software
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Source:
Italian version of CercaGeometra.it