lease

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Lease

Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Conversely, the result is favorable for lessors, because there was no reallocation requiring lessors to report as income more rent than they receive during the early part of the lease.
98, Accounting for Leases: Sale-Leaseback Transactions Involving Real Estate.
At 90 Broad Street, 93,000 s/f of leases were signed.
* Myth: Capitalization of operating leases by preparers clearly would give better information.
One recurring item that continues to present itself is the lease agreement--specifically the lease agreement that requires you to provide insurance coverage for compliance.
Both leases and lease amendments can now be produced in DSAMS, in addition to:
Many leases also provide that your company will be responsible for paying all taxes, assessments, filing fees, insurance, and other costs associated with possessing, operating, owning, and leasing the leased equipment.
The Institute thus recommended that, if proposed subsection 136.1(1.1) is adopted, it should be amended to provide that the place of supply is determined at the time the lease is initiated.
Typically, the landlord will capitalize the cash payments as a lease acquisition cost and amortize them over the lease term.
You can't help but improve the amount of cash that remains in your business by applying time-value-of-money techniques to analyzing your leases and equipment justifications.
The convenience and quality experience offered by leases and resorts often make hunting possible for those who don't know a friendly farmer or woodland owner.