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 ?
These special rules apply if the agreement is tax motivated and is either a disqualified leaseback (a leaseback to any person who had an interest in the property within the previous two years) or a long-term lease agreement (one with a lease term longer than 75% of the leased property's statutory recovery period).
During the first three years of the lease, Bentley typically paid its rent either ten days late or on many occasions, twenty days late.
One hopes that, as the FASB tackles lease accounting, it recognizes that there are many types of leases that reflect truly legitimate business objectives, and that the ultimate goals of more meaningful and useful financial statements, simplicity and cost/benefit may not be achieved by capitalizing all leases without judgment.
It takes numerous items to make a business run, and you may lease personal property such as computers, photo copiers, pianos and other instrumental teaching aides.
While you may have no equipment to keep or sell at the end of the lease agreement, it's usually not easy for the average business to unload used PCs, printers, and fax machines.
Senior executives of leasing companies say these sectors still continue to be the major recipient of lease finance in Sindh.
* DSCA Quarterly Lease Report - This report lists significant information about all open leases (including expired leases that have not been closed).
SECURITY DEPOSITS: It's fairly common for a lease to require you to pay the lessor a security deposit.
A variation of the rent holiday is a graduated rent payment schedule, under which a tenant pays less rent in the first year(s) of a lease; each year thereafter, the rent increases.
There are several times during the course of a lease where your relationship with the lessor can save time and money by minimizing potential disagreements.
They now lease recreational rights to 26 families who receive a campsite and are allowed unlimited use of the entire property for fishing, hunting, berry picking, and firewood gathering.
* A three-year, 477 s/f office lease extension for attorney Mahesh Dave.