a financial arrangement in which a person, company, etc. pays to use land, a vehicle, etc. for a particular period of time : Leasing can still make financial sense, particularly for those who want a new car every two to three years.
What are the three main types of leases?
Key Features of Common Lease Structures Commercial Lease TypeDefinition Gross Lease Tenant pays one flat rent; landlord covers all expenses. Modified Gross Lease Landlord and tenant split some expenses; varies by lease. Triple Net (NNN) Lease Tenant pays base rent plus all major operating expenses.2 more rows Aug 29, 2025
What is a gross lease vs. a net lease?
How does a gross lease differ from a net lease? The main difference between a gross lease and a net lease lies in who bears responsibility for operating expenses. In a gross lease, the landlord covers these costs while in a net lease, these costs are passed on to the tenant in addition to their rent.
What is general lessee?
A lessee, by contrast, is the person granted a lease by a property owner. Lessees are also known as tenants. Lessees are responsible for signing and maintaining the terms of the lease agreement in exchange for occupation or use of the property for a certain term length. A lessees largest responsibility is paying rent.
What is the general meaning of lease?
A lease is an implied or written agreement specifying the conditions under which a lessor accepts to let out a property to be used by a lessee. The agreement promises the lessee use of the property for an agreed length of time while the owner is assured consistent payment over the agreed period.
lease. 1 of 2 noun. ˈlēs. 1. : an agreement to hand over real estate for a period of time usually for a specified rent.
What is the meaning of lease in one word?
Lease terms are the contract terms of a lease agreement between a lessee, usually the tenant, and a lessor, typically the landlord. The legal contract includes lease terms to establish the period of time by which the lease will last, contractual obligations, and more.
Related links
Lease | Office of the General Counsel - University of Minnesota
The Real Estate Office must approve any agreement to use or lease real estate (land and buildings, including space within a building).
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