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Simple English definitions for legal terms
lease contract
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A quick definition of lease contract:
A lease contract is an agreement between someone who owns property and someone who wants to use it. The person who wants to use the property pays rent to the owner in exchange for the right to use and occupy the property. The lease can be for a fixed period of time or for as long as the parties agree. The agreement is usually written down in a document called a lease agreement. There are different types of leases, such as commercial leases for businesses and residential leases for homes.A more thorough explanation:
A lease contract is an agreement between a property owner and a tenant. The owner gives the tenant the right to use and occupy the property in exchange for rent. The lease can be for a fixed period or for as long as the tenant wants to stay. The contract can be written or oral.
Examples:
- John signed a lease contract with his landlord to rent an apartment for one year. He pays rent every month.
- Susan leased a car from a dealership. She pays a monthly fee to use the car for a set period of time.
These examples illustrate how a lease contract works. John and Susan both agreed to pay rent to use the property or car for a specific period of time. The contract protects both the owner and the tenant by outlining their rights and responsibilities.