A contract between two people where one person with property (the lessor) allows the other (the leasee) to have use of that property for a limited period of time, in exchange for a payment. The original owner ultimately retains possession of the property.
Definition from Nolo’s Plain-English Law Dictionary
An oral or written agreement (a contract) between two people concerning the use by one of the property of the other. A lease for more than one year must be in writing. A person can lease real estate (such as an apartment, house, or business property) or personal property (such as a car or a boat). A lease should cover basic issues such as when the lease will begin and end, the rent or other costs, how payments should be made, and any restrictions on the use of the property. The property owner is often called the "lessor," and the person using the property is called the "lessee."
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:19 pm