lease
Sign in to savethumb|right|200px|A sign in Chicago offering space for lease
Article
22 sectionsContents
- General terms
- Leases of land
- History of leases of land
- Types of tenancies
- Fixed-term tenancy or tenancy for years
- Periodic tenancy
- Tenancy at will
- Tenancy at sufferance
- Formalities
- Term
- Transparency and fine print
- Rent
- Exclusive possession
- Provisions specific to car rental
- Leasing property
- Deposit
- Insurance
- Sublease
- Equipment leasing
- See also
- References
- External links
thumb|right|200px|A sign in Chicago offering space for lease
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. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased. In essence, a lease agreement is a contract between two parties: the lessor and the lessee. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. The lessee also agrees to abide by various conditions regarding their use of the property or equipment. For example, a person leasing a car may agree to the condition that the car will only be used for personal use.