A legal agreement in which a landlord agrees to rent out a property to a tenant for a specific period of time. A lease typically outlines the terms and conditions of the rental agreement, including the amount of rent, the length of the lease, and any restrictions on the use of the property. There are two main types of lease agreements: a fixed-term lease and a periodic lease, each with its own terms, conditions and legal implications.

Real Estate Glossary | What is Lease??

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