It is a contract between two parties, the lessor and the lessee. The lessor is the legal owner of the asset, the lessee obtains the right to use the asset in return for rental payments.
A lease is distinguished from a mere renting of the premises on a month-to-month basis, and cannot exceed a year unless agreed to in writing. A triple net lease includes both taxes and insurance in the rent. 2) v. renting out real property or an object pursuant to a written agreement. A lease is a contract for the possession and profits of lands and tenements on one side, and a recompense of rent or other income on the other; Bac. Ab. Lease, in pr.; or else it is a conveyance of lands and tenements to a person for life, or years, or at will, in consideration of a return of rent, or other recompense. Download article as a PDF. A lease or rental agreement is the foundation of the landlord-tenant relationship, and there are certain lease terms that should be in every agreement you create or sign. Here are the most important lease terms you should include in your agreement:  A rental agreement provides for a tenancy of a short period (often 30 days) that is automatically renewed at the end of the period unless the tenant or landlord ends it by giving written notice. For these month-to-month rentals, the landlord can change the terms of the agreement with proper written notice.  A triple net lease (Net-Net-Net or NNN) is a lease agreement on a property where the tenant or lessee agrees to pay all real estate taxes, building insurance, and maintenance (the three Nets) on the property in addition to any normal fees that are expected under the agreement (rent, utilities, etc.).  A Residential Lease agreement is a form that both the tenant(s) and landlord(s) negotiate and sign when the tenant will be renting property from the landlord. The Lease includes property, tenant, and landlord details. The Lease also covers: 1  the term or length of the contract (fixed or periodic); A common form of a rent-to-own agreement is a rental contract with an option to purchase or option to buy. An option to purchase gives the tenant the option to buy the home for a certain price within a certain period of time. A lease contract is an agreement, usually written, between the owner of a property and a renter who desires to have temporary possession of the property. As a minimum, the agreement identifies the parties, the property, the term of the rental, and the amount of rent for the term. A lease purchase (or lease option) is the abbreviated form of the appropriate term lease with option to purchase.. Simply stated, a Lease 2 Purchase contract combines a basic lease contract with an option to purchase contract, which creates a Lease 2 Purchase contract. Related Ads. A lease or rental agreement sets out the rules landlords and tenants agree to follow in their rental relationship. It is a legal contract, as well as an immensely practical document full of crucial business details, such as how long the tenant can occupy the property and the amount of rent due each month. 3. Term of the tenancy. Every rental document should state whether it is a rental agreement or a fixed-term lease. Rental agreements usually run from month-to-month and self-renew unless terminated by the landlord or tenant. lease agreement. A contract between a lessor and lessee that allows the lessee rights to the use of a property owned or managed by the lessor for a period of time. Definition Broadly put, a lease agreement is a contract between two parties, the lessor and the lessee. The lessor is the legal owner of the asset, the lessee obtains the right to use the asset in return for rental payments. The narrower term rental agreement can be used to describe a lease in which the asset is tangible property. Language used is that the user rents the land or goods let or rented out by the owner. The verb to lease is less precise because it can refer to either of these actions. A lease is a legal contract, and thus enforceable by all parties under the contract law of the applicable jurisdiction. In the USA 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.
http://legal-dictionary.thefreedictionary.com/Lease+Agreement http://realestate.findlaw.com/landlord-tenant-law/the-top-ten-lease-terms-to-you-should-have-when-renting.html http://www.nolo.com/legal-encyclopedia/signing-lease-rental-agreement-faq-29094-4.html https://en.wikipedia.org/wiki/Net_lease http://www.lawdepot.com/contracts/residential-lease/?loc=US http://www.lease2purchase.com/what-is-a-lease-purchase-contract.php http://www.nolo.com/legal-encyclopedia/terms-lease-rental-agreement-29776.html http://www.businessdictionary.com/definition/lease-agreement.html https://en.wikipedia.org/wiki/Lease
what is a lease agreement