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Countable noun. A lease is a legal agreement by which the owner of a building, a piece of land, or something such as a car allows someone else to use it for a period of time in return for money.
To complete an assignment of a lease, the assignor and assignee must typically enter into a legal agreement known as a Deed of Assignment. This document outlines the terms of the transfer and ensures that all parties involved are aware of their rights and obligations.
Fixed term tenancies can be for any length of term agreed between the landlord and the tenant to suit their circumstances (up to seven years). Longer fixed terms can often provide security to landlords and tenants.
A lease is a contract outlining the terms under which one party agrees to rent an asset?in this case, property?owned by another party. It guarantees the lessee, also known as the tenant, use of the property and guarantees the lessor (the property owner or landlord) regular payments for a specified period in exchange.
A lease deed is an agreement or contract between the owner of a property (the landlord), also known as the lessor, and the tenant or lessee of the property. This contract will contain all the terms and conditions to be followed while that property is being rented out to that particular tenant.