lease Hear it!

lease definition - legal

n

An agreement in which the right of occupancy or use of real property, or the right to use personal property, is conveyed to another for a set period of time in return for consideration, typically in the form of periodic payments.
gross lease
Lease in which a tenant pays a flat sum inclusive of all utilities and other expenses.
month-to-month lease
Rental of property without a long term contractual obligation; in actuality, not a lease.  May require one month’s notice in order to terminate, depending on local or state law.
net lease
Lease in which tenant pays a rental amount for property, plus additional obligations for utilities, taxes, etc.
parol lease
Oral agreement for tenancy; see parol.
percentage lease
Business lease agreement whereby the amount to be paid is based on a specified percentage of tenant’s gross or net profits; usually a minimum rental amount is stated. 
sublease
An agreement under which the lessee of real property conveys his rights, or some subset of them, to a third party.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.
Related Discussions (1)
TopicRepliesLatest Post
Rent/lease47 years ago

Browse Forums