Legal Definitions - lease agreement

A lease agreement is a contract between a property owner and a tenant. The owner gives the tenant the right to use and occupy the property in exchange for rent. The lease can be for a fixed period, for life, or for a period terminable at will. The written document that memorializes the agreement is also called a lease agreement.

Examples of lease agreements include:

• A commercial lease for a business to rent office space
• A residential lease for an apartment or house
• A mining lease for the right to extract minerals from a piece of land

These examples illustrate the different types of property that can be leased and the different purposes for which they can be leased.