A lease is an agreement giving a tenant the right to occupy property for a stated term under agreed conditions.
Why It Matters
A lease matters because it defines the core rights and duties between landlord and tenant, including rent, duration, use of the property, repairs, and possession.
Where It Appears
Leases appear in residential and commercial landlord-tenant relationships, rental disputes, eviction matters, and property-management issues.
Practical Example
A tenant signs a one-year agreement to rent an apartment at a fixed monthly rent. That written agreement is a lease.
How It Differs From Nearby Terms
A deed transfers ownership, while a lease transfers possession for a limited time. A month-to-month tenancy is a shorter and more flexible rental arrangement. A sublease is created when the tenant transfers occupancy rights to another person under the original lease structure.
Related Terms
Knowledge Check
- What does a lease mainly give a tenant? It mainly gives the tenant the right to occupy the property under agreed terms for a stated period.
- How is a lease different from a deed? A lease gives possession for a term, while a deed transfers ownership.