What Does Lease Mean?

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What Does Lease Mean?

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Answer 1

A lease also known as tenancy is generally the right given to someone to either use or occupy one's property. This is generally handed by a lessor to another person for only a certain period of time. In this process the lessee receives a limited ownership of the possessions in return for paying the lessor a certain amount that is either fixed or determinable consideration (payment). Ownership of land is a feature of the structure of authentic possessions or real property in common law systems
The three different levels of rights that move different forms of property are ownership, possession and control and use. The lease is generally transferred with the help of legal documents like conveyance/transfer, lease/tenancy, and bailment/pledge for tangible personality, assignments and licenses for intangibles.

Answer 2

A lease is a type of contract in which a person known as lessor rents an asset like for example property or a vehicle to another person known as lessee or tenant in case of property for a fixed period of time subject to the regular payment of rental fee. The terms of the contract may vary depending on the period for which the lease is valid and the mode of payment which could be in the form of a lump sum amount or fixed monthly payments along with a deposit as security.

According to the terms of a lease for example in case of the renting of property the tenant has complete rights to the property with respect to possession short of actual ownership. The contract in most cases is legal in nature though informal contracts are also made especially in cases where the parties involved are friends or relatives. Some of the important clauses in a lease are issues related to damage claims, termination of lease before the validity period and payment of maintenance bills.