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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.


To rent out.

References in periodicals archive ?
Yob Welfare, 21, of Strood, Kent, and pal Daniel Brown, 25, of Rochester, admitted letting off a fire extinguisher in a petrol station store causing widespread damage.
People letting off fireworks at other times face a range of penalties which range from a substantial fine to imprisonment.
I MAY be an idiot "The childish habit of letting off fireworks" (Letters, August 31).
Some of the people in the book appear anonymously so that Vachon can keep letting off steam without attracting a libel suit.
SANTA CLARITA - Local median home prices dipped slightly in September from an all-time high of more than $510,000, a sign that Santa Clarita Valley's overheated housing market is letting off steam, a monthly Southland real estate survey said Thursday.