A lease is a contract transferring property usage rights from one person to another for a set time and money or other benefits. It details terms and conditions, with payment possibly made in a lump sum or periodic rent.
A lease states terms for renting a property or asset from someone else. It outlines rights and obligations of both the property owner (landlord) and the user (tenant). A residential property lease could include:
- Property address
- Landlord and tenant responsibilities
- Rent and deposit amounts
- Rent payment date
- Contract breach consequences
- Lease duration
- Pet rules
- Other relevant information
While all leases have common elements like rent amount, payment date, and end date, they differ in specifics. The tenant signs the lease before moving in, agreeing to its terms. Most residential leases are standard, but commercial ones are tenant-specific and could last from one to 10 years. Both parties should keep a copy of the lease for reference in potential future disputes.