Lease

A lease is a legal agreement where one party (the tenant) is granted the right to use property, such as a car or real estate, owned by another party (the landlord or owner) for a specified period in exchange for regular payments, called rent. The lease outlines the terms, conditions, and responsibilities of both parties, including duration, amounts, and usage rules. Essentially, it’s a contractual arrangement that gives the tenant temporary possession and use of the property without transferring ownership, while the owner maintains ownership rights.