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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 ?
Ramsay is best known for his uncompromising style in the kitchen, often letting fly at staff with foul-mouthed tirades.
READY: Bush takes up his stance; POISED: The US president is on the point of letting fly
Darren Currie forced Smith into a stunning save at the start of the second half, letting fly with a 25-yard free-kick which was tipped over.