In property law, a lease is a contract between a landlord and a tenant, giving the tenant the right to use and occupy the landlord’s property for a specified period of time (time certain), usually in exchange for rent payments. A lease agreement typically outlines the terms and conditions of the tenancy, including the amount of rent to be paid, the length of the lease term, the security deposit, any restrictions on the use of the property, and other important details.
Leases in property law can be either residential or commercial, depending on the type of property being leased. Residential leases are typically used for apartments, houses, and other dwellings, while commercial leases are used for retail spaces, office buildings, and other types of commercial real estate.
Leases can be either fixed-term or periodic. A fixed-term lease is for a specified period of time, usually six months or a year, while a periodic lease is a lease that automatically renews itself at the end of each rental period like annualy. A lease can also be terminated early if both parties agree or if one party violates the terms of the lease agreement. In addition to rent, tenants may also be responsible for other fees or expenses, such as utilities, maintenance costs, and insurance. It’s important for both landlords and tenants to understand their rights and responsibilities under the lease agreement, and to carefully read and review the terms of the lease before signing.