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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.
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.
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.
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.
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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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.
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.
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.
Examples of lease in a Sentence Noun They took out a five-year lease on the house. We hold leases on both of our cars. Verb She leases a red convertible. I have leased this house for the last four years.
A lease is classified as a finance lease if it transfers the ownership of assets to the lessee. The example of finance lease may be the car lease in which lessee makes periodic payments to the lessor and after a specific period of time say after five years, the possession of car is transferred to the lessee.

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