oboloo Glossary

Lease

oboloo Glossary

Lease

Lease Definition

A lease is a contract between a tenant and a landlord in which the tenant agrees to pay rent in exchange for the use of property belonging to the landlord. The contract may be for a fixed period of time, such as one year, or it may be periodic, such as monthly. The terms of the lease must be agreed upon by both parties and must be included in the contract.