In real estate, a Lease is a contract in which the owner of real property grants another party the right to possess and use the property for a specified period of time. In return, the tenant agrees to provide consideration, usually in the form of rent.
A lease defines the rights and responsibilities of both the landlord and the tenant, including the term, rent amount, permitted uses, and maintenance obligations. While possession is transferred, ownership of the property remains with the landlord.
