lease

n.

1. 1. A contract granting use or occupation of property during a specified period in exchange for a specified rent.
   2. The term or duration of such a contract.
2. Property used or occupied under the terms of such a contract.

v.tr., leased, leas·ing, leas·es.

1. To grant use or occupation of under the terms of a contract.
2. To get or hold by such a contract.

idiom:

a new lease on life

1. An opportunity to improve one's circumstances or outlook.

[Middle English les, from Anglo-Norman, from lesser, to lease, variant of Old French laissier, to let go, from Latin laxāre, to loosen, from laxus, loose.]

leasable leas'a·ble adj.
leaser leas'er n.

An agreement in which one party gains a long-term rental agreement, and the other party receives a form of secured long-term debt.

Investopedia Says:
The lessee gains a long-term contract for the use of an asset, and the lessor is assured of regular payments for a specified number of years.

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Lease between the resident/stockholder in a cooperative apartment and the cooperative as owner of the building. See also Condominium.

Contract giving the right of possession and use of an asset for a specified period in exchange for payments. The party owning the leased property is the lessor, the party using it is the lessee, and the lease payments are rentals. A lease contract may be written for a single piece of equipment, or it may be a master lease governing a continuing arrangement, regardless of the equipment leased. There are several commonly used types of leases.

A tax-oriented lease, sometimes called a True Lease, gives the lessor the tax benefits of ownership, transferring the use of tax depreciation deductions, and in some cases, investment tax credits, from the lessee to the lessor in exchange for lower rental payments. All others, including Finance Leases are nontax leases and are treated as conditional sales contracts for tax purposes. On the lessor's books, a lease is treated very much like a loan. Thus, the lessee can deduct only the interest portion of the rentals. See also Alternative Minimum Tax; Capitalized Cost; Consumer Lease; Operating Lease; Residual Value; Sale and Leaseback.

A Contract in which, for a payment cal_led Rent the one entitled to the Possession of real property (lessor) transfers those rights to another (lessee) for a specified period of time.
Example: Abel leases office space from Baker. Under the lease signed by the parties, Abel is allowed to conduct business activities within the office space, subject to specified Restrictions for a specified period of time. Baker is entitled to receive a specified amount of rent payments according to a specified schedule of payments.

verb

1. To give temporary use of in return for payment: hire (out), let, rent¹. See transactions.
2. To engage the temporary use of (something) for a fee: charter, hire, rent¹. See get/lose, transactions.

v

Definition: rent
Antonyms: buy, sell

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n

1. a conveyance of lands or tenements to a person for life, for a stated number of years, or at will, in consideration of rent or some other recompense. 2. any agreement that gives rise to a landlord and tenant relationship.

A contract transferring the right of possession of buildings, property, etc., for a fixed period of time, usually for periodical compensation called rent.

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This entry contains information applicable to United States law only.

A contractual agreement by which one party conveys an estate in property to another party, for a limited period, subject to various conditions, in exchange for something of value, but still retains ownership.

A lease contract can involve any property that is not illegal to own. Common lease contracts include agreements for leasing real estate and apartments, manufacturing and farming equipment, and consumer goods such as automobiles, televisions, stereos, and appliances.

Leases are governed by statutes and by common law, or precedential cases. Most leases are subject to state laws, but leases involving the U.S. government are subject to federal laws. Generally, federal laws on leases are similar to state laws.

A lease is created when a property owner (the offeror) makes an offer to another party (the offeree), and the offeree accepts the offer. The offer must authorize the offeree to possess and use property owned by the offeror for a certain period of time without gaining ownership. A lease must also contain consideration, which means that the offeree must give something of value to the offeror. Consideration usually consists of money, but other things of value may be given to the offeror. Finally, the offeror must deliver the property to the offeree or make the property available to the offeree. When a lease is formed, the property owner is called the lessor, and the user of the property is called the lessee.

Generally, a lease may be written or oral, but a lease for certain types of property must be in writing and signed by both parties. For example, if a lessee seeks to lease real property (land or buildings) for more than one year, the lease must be in writing. Some leases must be written, signed, and recorded in a registry of deeds. Such leases usually concern real property that will be leased for a period of more than three years.

A lease term begins when the lessee receives a copy of the lease. However, the lease need not be given directly to the lessee; it is enough that the lessee knows that the lease is in the hands of a third person acting on behalf of the lessee. A lease may also take effect when the lessee assumes control over the property.

In all states, leases dealing with commercial goods and services are strictly regulated by statute. Commercial lease laws govern the rights and duties of lessors and lessees in leases that involve commercial goods. Most states have enacted section 2A of the Uniform Commercial Code, which is a set of exemplary laws formulated by the National Conference of Commissioners on Uniform State Laws and by the American Law Institute. The laws governing commercial leases do not apply to leases of real estate, which are covered by landlord and tenant laws.

In all states a court may void an unconscionable lease. A lease is unconscionable if it unduly favors one party over the other. For example, assume that a small-business owner leases property for thirty years in order to operate a gas station. The lease contains a clause stating that the lessor may revoke the agreement without cause and without notice. If the lessee performs her obligations under the lease, but the lessor revokes the lease without notice, the clause allowing termination without notice may be found to be unconscionable. A determination of unconscionability must be made by a judge or jury based on the facts of the case. The fact finder may consider factors such as the relative bargaining power of the parties, other terms in the lease, the purpose of the lease, and the potential loss to either party as a result of the terms of the lease.

Commercial leases must contain certain warranties. If they do not, the warranties may be read into them by a court. One such warranty is the warranty of merchantability. Generally, this warranty requires that all leased property be fit for its general purpose. For example, if a passenger vehicle leased for transportation fails to operate, this failure might be a breach of the implied warranty of merchantability, and the lessee could sue the lessor for damages suffered as a result.

Another warranty implied in commercial leases is the warranty of fitness for a particular purpose. This warranty applies only if the lessor knows how the lessee plans to use the property and that the lessee is relying on the lessor's expertise in choosing the best goods or services.

A lessee may assign a lease to a third party, or assignee. An assignment conveys all rights under the lease to the assignee for the remainder of the lease term, and the assignee assumes a contractual relationship with the original lessor. However, unless the lessor agrees otherwise, the first lessee still retains the original duties under the lease agreement until the lease expires. Generally, an assignment is valid unless it is prohibited by the lessor.

An assignment differs from a sublease. In a sublease the original lessee gives temporary rights under the lease to a third party, but the third party does not assume a contractual relationship with the lessor. The original lessee retains the same rights and obligations under the lease, and forms a second contractual relationship with the sublessee. Like assignments, subleases generally are valid unless they are prohibited by the lessor.

If a lessor defaults on his obligations under the lease, the lessee may sue the lessor for damages. The measure of damages can vary. If a lessor breaches the lease by sending nonconforming goods, or goods that were not ordered by the lessee, the lessee may reject the goods, cancel the lease, and sue the lessor to recover any monies already paid and for damages caused by the shipment of the nonconforming goods. If the lessee defaults on obligations under the lease, the lessor may cancel the lease, withhold or cancel delivery of the goods, or lease the goods to another party and recover from the original lessee any difference between the amount the lessor would have earned under the original lease and the amount the lessor earns on the new lease.

One controversial lease is the rent-to-own lease. Under such a lease, the lessee pays a certain amount of money for a certain period of time, and at the end of the period, the lessee gains full ownership of the leased item. Rent-to-own leases are often associated with consumer goods such as televisions, stereos, appliances, and vehicles. Many rent-to-own leases provide that the lessor may regain possession and ownership of the property if the lessee defaults. Such clauses have been found to be unconscionable if they are exercised after the lessee has paid more than the market value of the leased item.

For example, assume that a party leases a television worth $300. The lease obliges the lessee to make payments of $50 a month for one year. At the end of the lease period, the lessee will have paid $600 for the television. The amount of the total payment may not be unconscionable, because the lessee gains a television without making one large payment. However, if the lessee defaults after making $550 in payments, and the lessor repossesses the television, a court may find that the lessor's actions are unconscionable and order that the television be returned to the lessee.

See: rent strike; subletting.

A contract that grants possession of property for a specified period of time in return for some kind of compensation.

IN BRIEF: n. - A contract granting use or occupation of property during a specified time for a specified payment.

Be sure that you like the apartment before you sign a lease.

Dansk (Danish)
n. - leje, forpagtning, lejeforhold, langtidsleje, forpagtningsforhold, fæste, lejemål, lejekontrakt, forpagtningskontrakt, lejetid, forpagtningstid, frist
v. tr. - leje, overtage til leje, forpagte, langtidsleje, udleje, bortforpagte

idioms:

• a new lease of life    få et nyt liv, leve op igen
• a new lease on life    få et nyt liv, leve op igen

Nederlands (Dutch)
pachten, leasen, verhuren, verpachting, leasing, huurtijd, pacht, huurcontract, goed vooruitzicht

Français (French)
n. - location, affermage, crédit-bail, (Jur) bail, concession, (contrat) de bail, (fig) bail, (fig) renaissance
v. tr. - louer, acheter en crédit-bail, prendre à bail, donner (maison) à bail, affermer (une terre), louer (une maison)

idioms:

• a new lease of life    un second souffle
• a new lease on life    un second souffle, renaître à la vie

Deutsch (German)
n. - Leasing, Pachtvertrag, Mietvertrag
v. - leasen, pachten, mieten, verpachten, vermieten

idioms:

• a new lease of life    neuer Auftrieb
• a new lease on life    neuer Auftrieb

Ελληνική (Greek)
n. - (νομ.) μίσθωση, εκμίσθωση, ενοικίαση, μισθωτήριο συμβόλαιο
v. - εκμισθώνω, μισθώνω, νοικιάζω

idioms:

• a new lease of life    ανανέωση
• a new lease on life    ανανέωση

Italiano (Italian)
affittare, affitto

idioms:

• a new lease of life    nuove prospettive di vita

Português (Portuguese)
n. - arrendamento
v. - arrendar

idioms:

• a new lease of/on life    começar vida nova

Русский (Russian)
сдавать в аренду, брать в аренду, аренда, договор об аренде, пастбище

idioms:

• a new lease of/on life    возрождение надежд

Español (Spanish)
n. - arriendo, arrendamiento, alquiler
v. tr. - arrendar, alquilar, dar o ceder en arriendo

idioms:

• a new lease of life    oportunidad de una nueva y/o mejor vida
• a new lease on life    oportunidad de una nueva y/o mejor vida

Svenska (Swedish)
n. - arrende, uthyrande, arrendetid, hyrestid, arrendekontrakt, hyreskontrakt
v. - arrendera, hyra, överta arrendet på, arrendera ut, hyra ut, leasa

中文（简体）(Chinese (Simplified))
租约, 租, 租期, 出租, 租得, 租出

idioms:

• a new lease of life    新生
• a new lease on life    大病痊愈或烦恼消除后的愉快和更有生气的新生活

中文（繁體）(Chinese (Traditional))
n. - 租約, 租, 租期
v. tr. - 出租, 租得, 租出

idioms:

• a new lease of life    新生
• a new lease on life    大病痊愈或煩惱消除後的愉快和更有生氣的新生活

한국어 (Korean)
n. - 임대차 계약, 임대차 계약서 , 계약기간
v. tr. - 임대하다, 빌리다

idioms:

• a new lease of life    수명의 연장, 목숨을 건지기
• a new lease on life    수명의 연장, 목숨을 건지기

日本語 (Japanese)
n. - 賃貸借契約, 賃貸借契約書
v. - 賃貸しする, 賃貸する

العربيه (Arabic)
‏(الاسم) عقد الإيجار, التأجير أو مدته, العقار المؤجر (فعل) يؤجر, يستأجر‏

עברית (Hebrew)
n. - ‮חכירה, שכירות, הסכם חכירה‬
v. tr. - ‮החכיר, חכר‬

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