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 lease governs the relationship between the parties as well as their relationship to the real property covered in the lease for the time that the contract is in force.
Posted in: Lease Agreements, Lease Core Concepts
