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What do you mean by lease?

A lease refers to a contract where one party grants a right to use a property or land to another party in return for consideration and for a specific period of time. Both the parties enter into a lease agreement specifying the terms and conditions of the agreement.

What is the tenant in a lease also known as?

The lessee is also known as the tenant and must uphold specific obligations as defined in the lease agreement and by law. The lease is a legally binding document, and if the lessee violates its terms they could be evicted.

What is the legal definition of a lease?

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. See landlord-tenant law.

What is the difference between rent and rental?

A rental is a noun for any house, apartment, trailer, car, boat, bike, etc. that is available for rent. A person may pay rent to use it for a specific length of time. Example: That house is a rental. My car is a rental. I hope this helps!

What is the meaning of lease and tenant?

A lease is a contract outlining the terms under which one party agrees to rent an assetin this case, propertyowned 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.