Lease

Definition: A real estate lease grants the right to possess and use property under agreed terms for a period of time, usually in exchange for rent.

Example

A tenant rents office space under an agreement describing the premises, rent, term, and responsibilities.

Keep the distinction clear

A lease grants a possessory interest without transferring the landlord’s ownership. Not every lease is an estate for years; some tenancies continue periodically without a fixed ending date.

Related terms

Lessor · Lessee · Leasehold Estate

Keep studying

Freehold vs. Leasehold Estates: How to Tell Them Apart

References: Cornell LII: lease

Pronunciation (US): LEES (capitals show stress)

Pronunciation reference: Merriam-Webster