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What kind of contract is a lease?

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.

What is the difference between leasing and lease?

Leasing vs. The main difference between a lease and rent agreement is the period of time they cover. A rental agreement tends to cover a short term\u2014usually 30 days\u2014while a lease contract is applied to long periods\u2014usually 12 months, although 6 and 18-month contracts are also common.

What are examples of lease?

The term or duration of such a contract. The definition of lease is to rent property out to someone or to agree to rent someone else's property. An example of lease is when you rent your apartment out to a tenant. An example of lease is when you decide to rent an apartment to live in.

What does it mean when something is lease?

A lease is a contract outlining the terms under which one party agrees to rent an asset\u2014in this case, property\u2014owned 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.

What is a lease in simple terms?

1 : an agreement by which a person exchanges property (as a car or house) for a period of time in return for payment or services. 2 : a piece of property that is leased. lease. verb. leased; leasing.

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