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A lease is a legal, binding contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the tenant or lessee use of the property and guarantees the property owner or landlord regular payments for a specified period in exchange.

Lease is another term for a tenancy agreement. Usually this is a contract between a freeholder and a leaseholder. The lease document sets out the rules which govern your use of a property that is being leased. Leasehold/Leaseholder.

Leasing and renting are similar and sometimes used interchangeably, but there are some subtle differences between the two, like the length of tenancy. A lease is generally a long-term agreement while a rental agreement can be on a month-to-month basis.

A lease is a contract between two parties where one party, the lessor, allows the other party, the lessee, use of their property for a period of time in exchange for consideration, usually a monthly sum of money. The original owner ultimately retains possession of the property.

Lease Term Definition Defined as the period of time in which a contracted lease is in place, lease term establishes the time period to both the lessee and lessor. Lease terms generally come on 3 forms: fixed, periodic, and indefinite.

A lease is a contract wherein one party offers another party the right to use real estate or other property for payment and for a predetermined time. Both parties participate in a leasing agreement outlining the arrangement's details. The lessor is the party that is the owner of the rented property or space.

Ownership: The fundamental distinction between a lease and a mortgage lies in ownership. With a lease, the tenant does not own the property but rather has the right to use it temporarily. In contrast, a mortgage allows the borrower (mortgagor) to acquire ownership of the property, subject to repayment of the loan.