A lease is a contractual arrangement calling for the user (referred to as the lessee) to pay the owner (referred to as the lessor) for the use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased. Basically a lease agreement is a contract between two parties: the lessor and the lessee. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. The lessee also agrees to abide by various conditions regarding their use of the property or equipment. For example, a person leasing a car may agree to the condition that the car will only be used for personal use.
The term rental agreement can refer to two kinds of leases:
A lease in which the asset is tangible property. Here, the user rents the asset (e.g. land or goods) let out or rented out by the owner (the verb to lease is less precise because it can refer to either of these actions). Examples of a lease for intangible property include use of a computer program (similar to a license, but with different provisions), or use of a radio frequency (such as a contract with a cell-phone provider).
A periodic lease agreement (most often a month-to-month lease) internationally and in some regions of the United States.
A lease is a legal contract, and thus enforceable by all parties under the contract law of the applicable jurisdiction.
In the United States, since it also represents a conveyance of possessory rights to real estate, it is a hybrid sort of contract that involves qualities of a deed.
Some kinds of leases may have specific clauses required by statute depending upon the property being leased, the jurisdiction in which the agreement was signed, and the residence of the parties.
Common elements of a lease agreement include:
Names of the parties of the agreement.
The starting date and duration of the agreement.
Identifies the specific object (by street address, VIN, or make/model, serial number) being leased.
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A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property. Leasehold is a form of land tenure or property tenure where one party buys the right to occupy land or a building for a given length of time. As a lease is a legal estate, leasehold estate can be bought and sold on the open market.
Renting, also known as hiring or letting, is an agreement where a payment is made for the use of a good, service or property owned by another over a fixed period of time. To maintain such an agreement, a rental agreement (or lease) is signed to establish the roles and expectations of both the tenant and landlord. There are many different types of leases. The type and terms of a lease are decided by the landlord and agreed upon by the renting tenant.
A lease is a contractual arrangement calling for the user (referred to as the lessee) to pay the owner (referred to as the lessor) for the use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased. Basically a lease agreement is a contract between two parties: the lessor and the lessee. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments.
Ce cours questionne les matériaux durables et les ressources disponibles mobilisées en Suisse et dans le monde. Il aborde la matière dans une approche architecturale, anthropologique et expérimentale
Explores leasing, loans, surety, and employment contracts, including risks, obligations, and termination conditions, with practical examples.
Explores real estate law, rent control, lease agreements, and the impact of interest rates on mortgage rates.
Explores the financial evaluation of rental property renovation scenarios.