A temporary transfer of ownership of an asset, such as real estate or a car, for a set period of time. Regular monthly payments are due on the lease and the lessee is responsible for any maintenance or upkeep expenses. At the end of the lease period, the property reverts back to the owner. However, the lessee may have an option to buy the property at the end of the contract period. Leases often enable a company or individual to have the use of the equipment or property for a significantly lower cost than an outright acquisition. A lease also has the benefit of allowing the lessee to use the most up-to-date equipment or property that is available while avoiding any of the market risk that comes with ownership.