What is a lease?

Lease Definition: A lease is an agreement that provides the terms under which a party or individual can rent a property or asset owned by a third party. The contract defines the amount of rent or fees that must be paid by the lessee, also known as the renter or tenant, and establishes that the lessor, also known as the owner or landlord, receives these regular payments within a specific time frame and at regular intervals.

For example, rent is typically paid monthly, and a lease is a binding contract that ensures the full benefit of the arrangement will continue as long as the contractual obligations are met. In order to break a lease, a specific notice is required, or criteria must be met to avoid consequences, additional fees, or charges.

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