Lease

A lease is a contractual arrangement calling for the user to pay the owner 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.

Back to Documents & Contracts →

Source: Wikipedia · Image: Wikimedia Commons · CC BY-SA 4.0

TINYLEGAL

Plain-English legal help — DIY documents, know-your-rights basics, and when to call a real lawyer.

Get new guides by emailOccasional emails. No spam. Unsubscribe anytime.

InformationAbout Contact Privacy Policy Terms of Service Disclaimer Affiliate Disclosure Cookie Policy

Every entry, image, and fact is drawn from Wikipedia and Wikimedia Commons, used under public-domain and Creative Commons licenses. No content is AI-generated.