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Simple English definitions for legal terms
full-service lease
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A quick definition of full-service lease:
A full-service lease is a contract where someone who owns a property lets someone else use it in exchange for money, usually called rent. In a full-service lease, the owner agrees to pay for things like maintenance, insurance, and taxes. This means the person using the property doesn't have to worry about those things. It's like renting a house where the landlord takes care of everything for you.A more thorough explanation:
Definition: A full-service lease is a type of lease agreement where the lessor (property owner) agrees to pay for all maintenance expenses, insurance premiums, and property taxes.
Example: A company leases a commercial office space under a full-service lease agreement. The lessor is responsible for paying all the expenses related to the property, including maintenance, insurance, and taxes. The lessee only pays the agreed-upon rent amount.
Explanation: In a full-service lease, the lessor takes on the responsibility of paying for all the expenses related to the property. This type of lease is common in commercial real estate, where the lessee may not have the resources or expertise to manage the property's maintenance and other expenses. The lessee benefits from a predictable rent amount, while the lessor takes on the risk and responsibility of managing the property.