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Simple English definitions for legal terms
lease agreement
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A quick definition of lease agreement:
A lease agreement is a contract between someone who owns property and someone who wants to use it. The person who wants to use the property pays rent to the owner in exchange for the right to use and occupy the property. The lease can be for a fixed period of time or for as long as the parties agree. The agreement is usually written down and includes all the details of the lease, such as the amount of rent, the length of the lease, and any rules or restrictions that apply.A more thorough explanation:
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.