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It is a contractual agreement between a lessor, who conveys the right to use real or personal property(asset) and a lessee, who agrees to pay periodic rents over a specified time.

A lease is a legal, binding contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the tenant or lessee use of the property and guarantees the property owner or landlord regular payments for a specified period in exchange.

The definition of a lease includes agreements for the hire of an asset which contain a provision giving the hirer an option to acquire title to the asset upon the fulfillment of agreed conditions. These agreements are commonly known as hire purchase agreements.

So, as you form your lease, make sure to include each of these items: Parties to the Lease. List the name of the landlord and tenant bound to the agreement. Description of the Property. List the address of the property. ... Terms of Rent. ... Lease Term. ... Occupants. ... Security Deposit Information. ... Damages and Repairs. ... Pets.

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The lease agreement details the terms and conditions under which the property is leased, including the property's description (location, kind, and size), monthly rent, security deposit, permitted uses (residential or commercial), and length of the lease.

A lease agreement is a contract between the lessor and the lessee that grants the lessee the right to use a property that belongs to or is managed by the lessor for a predetermined period of time in exchange for recurring rental payments from the lessor. The lease does not grant the lessee any ownership rights.

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