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Property, buildings and vehicles are common assets that are leased. Industrial or business equipment is also leased. Broadly put, a lease agreement is a contract between two parties, the lessor and the lessee.
The lessee also agrees to abide by various conditions regarding their use of the property or equipment. For example, a person leasing a car may agree that the car will only be used for personal use. The narrower term rental agreement can be used to describe a lease in which the asset is tangible property. Language used is that the user rents the land or goods let or rented out by the owner.
The verb to lease is less precise because it can refer to either of these actions. A lease is a legal contract, and thus enforceable by all parties under the contract law of the applicable jurisdiction.
In the United States, since it also represents a conveyance of possessory rights to real estate, it is a hybrid sort of contract that involves qualities of a deed. Names of the parties of the agreement. The starting date and duration of the agreement. Provides conditions for renewal or non-renewal.
Has provisions for a security deposit and terms for its return. May have a specific list of conditions which are therein described as Default Conditions and specific Remedies. Need to provide insurance for loss. Which party is responsible for maintenance.
A premium is an amount paid by the tenant for the lease to be granted or to secure the former tenant’s lease, often in order to secure a low rent, in long leases termed a ground rent. For parts of buildings it is most common for users to pay also by collateral contract, or by the same contract, a service charge which is normally an express list of services in a lease to minimize disputes over service charges. A gross lease or tenancy stipulates a rent that is for the global amount due including all service charges.
A mutually determinable lease can be determined by either. A non-cancelable lease is a lease that cannot be so terminated. Influenced by land registration, commonly tenancies initially granted for more than a year are referred to more simply as leases.
The lease will either provide specific provisions regarding the responsibilities and rights of the lessee and lessor, or there will be automatic provisions as a result of local law. The most common form of real property lease is a residential rental agreement between landlord and tenant.