Definitions
A lease is a contract between two parties: the transferor of certain rights in property (the “landlord” or “lessor”) and the transferee, the recipient of those rights (the “tenant” or “lessee”). A lease signifies a transfer of certain property rights or interests.
An “interest” is any right, claim, or privilege an individual has toward real property (land and permanent fixtures). In the case of a lease, such interests are known as “leasehold interests.” A leasehold interest is a temporary right to occupy land or property.
A person or entity that holds the title to a property may grant a lease for all or some of that property to another person or entity.
FAQs
- What’s the difference between leasing and renting?
- What is a lease?
- What is a contract – and what makes a lease a legally binding contract?
- Is an oral agreement to use farmland binding?
- What’s the difference between a lease and a license for farmland?
- If I’m leasing land and a residence, should I have a separate lease for the residence?