What is a lease?

A lease is fundamentally a contractual agreement that specifies the conditions under which one party, often referred to as the lessee or tenant, agrees to rent property from another party, known as the lessor or landlord. This contract typically outlines critical details such as the duration of the rental period, the amount of rent to be paid, the responsibilities of both parties regarding maintenance, and any conditions related to the use of the property.

Understanding this definition helps clarify why a lease is distinctly different from other types of real estate documents. For instance, while a lease involves renting, a document transferring ownership of a property signifies a sale or transfer of title, which is not the purpose of a lease. Similarly, a formal agreement to manage a property pertains to property management, focusing on the operational side rather than the rental aspect. Lastly, a summary of property maintenance procedures would not constitute a lease but would serve more as an operational guide for the maintenance aspect of the property. Thus, the definition that captures the essence of a lease focuses exclusively on the terms of renting real estate.