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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.
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To rent out.

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 ?
With four main packages, Wright Letting and Management offers a wide range of services to provide the right level of management and assistance for you.
Irene received the qualification after passing the level 3 Scotland Foundation Lettings Course, run by the National Approved Lettings Scheme.
Letting of all holiday accommodation is standard-rated for VAT purposes, whether or not it qualifies as a furnished holiday letting, so where the landlord is VATregistered, 20% VAT must be added to the fees charged.
Lorna Morris, lettings manager in the Northumberland office, has seen a marked increase in the number of inquiries from potential tenants and is currently letting popular properties within a matter of days.
Britta Atkinson of CMK Lettings says: "We have all heard about the financial nightmare and distress caused to landlords and tenants when letting agents close without the necessary financial protection having been put into place.
Ashleigh Sumner, senior lettings consultant, said: "We are very accessible to landlords and tenants as we have a prominent high street presence, along with marketing all our available properties on our own website, Rightmove.co.uk, and the Liverpool ECHO.
(When it was approved at General Synod in 2004 and as recently as its Autumn 2006 newsletter, Letting Down the Nets was described as self-funding, supported by funding from dioceses and other organizations.
It's not that there is something wrong with us, or that we're incapable of letting go--it's just that we are stuck in a particular way of receiving the information about what happened.
Along much the same line Herndon admits that he learned not to lecture to the farmers, letting them work from their own political forms (Live 132-33).
But he must not gamble at picking off a pass or letting his man get past him with a basket-cut.
AltaVista (along with several other search engines) makes this easier by letting you phrase your query as a question, such as "In what year did Rudolf Nureyev die?" or "What was Ninette de Valois's real name?" (1993; Edris Stannus.)
Returns vary across the country, with the highest profits being made on flats, dropping down to nine per cent from letting a detached house.