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The distinction between purchase and rental is irrelevant here. A rental is a purchase of certain rights for a period of time, and generally doesn't allow for "take-backs" any more than a purchase of ownership. If you rent an apartment for 1 year, your landlord can't come back several days after you moved in and say "Sorry, I changed my mind, I'm taking my apartment back and renting it to someone else" unless the rental agreement specifically allows for that.

(Source: renter's rights informational websites & literature specific to my area of residence. IANAL.)

I have a feeling the agreement the fine fellow who authored the article agreed to just such a possibility.

Technically sure...but playing the semantic game, find me a registrar that advertises the ability to purchase a domain as "renting".

He purchased the lease/rent of NameJet. They doesn't own it either.