lease


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Related to lease: Rental lease

Lease

Lease

An agreement between two parties whereby one party allows the other to use his/her property for a certain period of time in exchange for a periodic fee. The property covered in a lease is usually real estate or equipment such as an automobile or machinery. There are two main kinds of leases. A capital lease is long-term and ownership of the asset transfers to the lessee at the end of the lease. An operating lease, on the other hand, is short-term and the lessor retains all rights of ownership at all times.

lease

An agreement that permits one party (the lessee) to use property owned by another party (the lessor). The lease, which may be written either for a short term or for a long term, often results in tax benefits to both parties. See also capital lease, gross lease, leveraged lease, net lease, operating lease.

Lease.

A lease is a legal agreement that provides for the use of something -- typically real estate or equipment -- in exchange for payment.

Once a lease is signed, its terms, such as the rent, cannot be changed unless both parties agree. A lease is usually legally binding, which means you are held to its terms until it expires. If you break a lease, you could be held liable in court.

lease

a legal contract under which the owner (the lessor) of an ASSET such as a building or piece of machinery grants to a person or company (the lessee) the right to use that asset for a specified period of time in return for the payment of an agreed rental. See LEASING, LEASEBACK.

lease

a legal CONTRACT under which the owner of an ASSET (such as buildings and machinery) grants to someone else the right to use that asset for a specified period of time in return for periodic payments of RENT.

See LEASING, LEASEBACK.

lease

An oral or written agreement transferring the right to exclusive use and possession of property for some period of time.Some important lease concepts are

• The normal requirement that all contracts having to do with real estate must be in writing does not apply to contracts that are capable of performance in one year or less. In most states, an oral lease for less than one year is enforceable; an oral lease for a longer period is not.

• Atenant is not relieved of responsibility to pay rent if the premises are damaged, destroyed, or partially or totally unusable unless the lease allows it, or unless consumer protection laws applicable to residential leases allow it.

• If a tenant transfers the entire remaining term of a lease to someone else, that is an assign- ment. If a tenant transfers less than the remaining term, that is a sublease. Either way, the original tenant is still fully responsible for complying with all lease terms, even if the new one does not. In most states, a landlord may require its approval before assignment or subletting, but may not unreasonably withhold its approval.

• Atenant's interest under a lease may be insured, in addition to coverage for the contents. The interest may also be mortgaged, although that would be extremely unusual except in the case of valuable improvements built on leased land under a long-term lease.

References in periodicals archive ?
Such information is available from several sources: Kelley Blue Book, the Black Book Lease Guide and the National Automobile Dealers Association's Official Used Car Guide.
Generally, this means that all essential risks and obligations relating to the equipment during the lease term, including the risk of loss or damage to the equipment and responsibility for taxes, are your sole responsibility.
Note that rent leveling is generally favorable to lessees, because the reallocated amount is generally higher than the rent paid during the early part of the lease.
The car's residual value is a key element that will make monthly lease payments less than the corresponding payment to buy the same car.
In addition to titling issues, lease asset securitizations must deal with concerns regarding priority security interest of the securitization trust assets against possible liens, such as a Pension Benefit Guaranty Corp.
67 pursuant to the guaranty, for rent owed by Bentley for the remainder of the lease term.
In light of Letter Ruling 9237045 and Coulter, taxpayers and their advisers should assert that these rules for accounting method changes do not apply to lease versus sale recharacterizations.
Should a lease with these characteristics be accounted for as an operating lease?
At the Republic Building, the Company renewed a 14,300 square foot lease with the United States General Services Administration until December 20, 2014.
While one-half of executives said their companies had purchased or upgraded their lease administration software within the last two years, 35 percent said they had not done so for three years or longer.
13 specifically excludes executor costs from the definition of minimum lease payments when determining how to classify a lease (that is, whether the lease should be recorded as a capital lease or as an operating lease).
Currently available, the rapidly-deployable Captara real estate lease management application enables companies to accurately track and manage real estate lease contracts and associated activity for all of their subsidiaries and divisions.