Leiga

Leiga is the act of granting temporary use of property or goods in exchange for payment. It is commonly realized through a lease agreement, in which a lessor permits a lessee to use a specific asset for a defined period and under agreed conditions. The arrangement creates rights and obligations for both sides, and it can apply to dwellings, commercial spaces, vehicles, and equipment.

Types of leiga include residential leases, commercial leases, and vehicle or equipment leases. Residential leases typically specify term length, rent amount, security deposit, maintenance duties, and rules about subleasing and pets. Commercial leases may involve different rent structures, such as fixed, indexed, or percentage rent, and may cover service charges, maintenance obligations, and options for renewal. Vehicle or equipment leases generally define mileage limits, wear-and-tear expectations, and end-of-term options.

A lease agreement commonly covers essential terms: the identity of the parties, description of the asset, duration, rent or payments, deposits, responsibilities for maintenance and repairs, rules about alterations, and termination conditions. It may also include remedies for breach, notice periods, and provisions for sublease or assignment.

Rights and obligations vary by jurisdiction but typically include the lessee's right to quiet enjoyment, safety and habitability, and the right to due process for termination. The lessor is generally obligated to maintain the asset in usable condition and to refrain from entering the property without proper notice. Security deposits are used to cover damages beyond normal wear.

Regulation of leiga differs widely by country or region. Some areas provide detailed tenancy or consumer-protection laws, while others rely on general contract law. Disputes are often resolved through courts, housing authorities, or arbitration.

In Icelandic and several Nordic or Baltic languages, leiga is the term for rent or lease, reflecting the broader concept of leasing in law and everyday commerce.