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LEASE definition: 1. to make a legal agreement by which money is paid in order to use land, a building, a vehicle, or…. Learn more.
Apr 9, 2022 · A lease is a legal, binding contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the tenant or lessee use...
The meaning of LEASE is a contract by which one conveys real estate, equipment, or facilities for a specified term and for a specified rent; also : the act of such conveyance or the term for which it is made. How to use lease in a sentence. Synonym Discussion of Lease.
Dec 21, 2015 · A lease agreement is a legal contract designed to protect both the person leasing the asset (“lessee”) and the owner of the asset (“lessor”). To explore this concept, consider the following lease agreement definition.
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. [1] . Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased.
noun. a contract by which property is conveyed to a person for a specified period, usually for rent. the instrument by which such property is conveyed. the period of time for which it is conveyed. a prospect of renewed health, happiness, etc. a new lease of life.
1. a contract by which one party ( landlord, or lessor) gives to another ( tenant, or lessee) the use and possession of lands, buildings, property, etc. for a specified time and for fixed payments. 2. the period of time for which such a contract is in force. a two-year lease.