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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 ?
The leasers control the capital which is wanted by owners and lacking among team leaders or workers.
Furthermore, he asserted that financial leasing grants the leaser the right to possess assets during the contract period, while the tenant is given the right to choose whether to possess the assets after the end of the contract or not.
"Most often I use transitional furniture that's a compromise between contemporary and traditional," says Leaser. "But if I were doing a high-end modern home, I would use modern furniture and a minimalist treatment to enhance the architecture." The designer always includes two kinds of accessories in his staged house--ornately framed mirrors and art.
Additionally, the lease-to-own contracts are subject to registration fees amounts two per cent of the property value to be paid by the owner, two per cent of the property value and 0.25 per cent of the lease finance to be paid by leaser, unless agreed otherwise.
Duke Realty Corporation (NYSE:DRE), a developer, manager and leaser of real estate, announced on Friday (29 August) that the company has been selected to construct a new office campus for GE Aviation, a business unit of General Electric Company (NYSE:GE), in Cincinnati, USA.
Paperless leasing, complimentary use of laptops in a high-tech conference room and other electronic frills also target the younger leaser.
The company, which employs more than 400 staff at its Sunderland plant, posted a buoyant statement a day after its joint venture, International Aero Engines, landed a potential pounds 226.9m contract with aircraft leaser CIT.
Sources in the Agriculture department told on Thursday that under the programme, a special attention would be accorded on enhancement of agriculture yield, promotion of drip irrigation system, leaser land leveling and construction of water courses for improving the irrigation system in the Punjab.The work on the programme will soon be launched.
Designer Terrance Leaser likes to shop locally for clients doing a vacation condominium.
[USPRwire, Tue Mar 05 2013] Award-winning photographer David Leaser will launch his latest collection, "The Orchid Show," at the Architectural Digest Home Design Show in New York City, March 21-24.
FLY Leasing Limited (NYSE: FLY), a UK-based global leaser of commercial jet aircraft, has announced the completion of its acquisition of a fleet of 49 aircraft.
The board of directors of leaser of household durable goods Rent-A-Center Inc (NASDAQ/NGS:RCII) approved an increase in the common stock repurchase authorisation to USD800m, it revealed on Wednesday.