lease

A lease is a grant of exclusive possession of property for a fixed term, in exchange for payment of rent.

Leases grant a legal interest in land, as opposed to an equitable interest and are granted by deed for this purpose.

The person granting the lease is known as the landlord or lessor, and the person entitled to possession known as the tenant or lessee.

A tenant may or may not have power under the lease to grant a lease for the same property, which is known as a sublease, and is made to a sublessee.

Usage: The lease was granted to the lessor for a period of 20 years.

Related Words: landlord; tenant; lessee; lessor; deed.