lease

A lease is a contract by which one party conveys the right to use real property or other tangible assets for a defined period in exchange for rent or other consideration. In real estate, a lease typically involves a landlord (lessor) and a tenant (lessee). The agreement outlines the property or asset, the term of the lease, rent amount and payment schedule, security deposit, permitted uses, maintenance responsibilities, repairs, alterations, utilities, insurance, and who bears the costs of major improvements. It may also contain covenants for quiet enjoyment, compliance with laws, rules on assignment or subletting, and restrictions on damage, pets, or access.

Different types exist. Residential leases focus on housing and usually emphasize habitability and tenant rights. Commercial leases cover business premises and commonly distinguish gross, net, and triple-net arrangements, affecting who pays taxes, insurance, and maintenance. Leases can be fixed-term or periodic and may include options to renew or extend.

Rights and obligations: tenants must pay rent, avoid waste, keep the premises reasonably clean, and comply with laws and lease rules; landlords must provide habitable premises, make needed repairs, and respect the tenant’s quiet enjoyment. Both parties may have remedies for breach, such as late fees, termination, or eviction, subject to jurisdiction.

Subleasing and assignment: generally require consent from the landlord. End of term: leases terminate on expiration unless renewed or terminated earlier for cause; security deposits are returned in accordance with contract terms and local law, minus allowable deductions.