Leasing Agreement

A leasing agreement is a contract between a property owner (lessor) and a tenant (lessee) that allows the tenant to use a property—like an apartment, car, or equipment—for a specified period in exchange for regular payments. Unlike buying, leasing means you don’t own the item; you only have the right to use it for the lease term. The agreement outlines the details, including payment amounts, duration, maintenance responsibilities, and any rules for using the property. At the end of the lease, the tenant typically returns the property to the owner.