A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset. 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 as it can refer to either of these actions.
© 2023 The Ullian Realty Corporation. All Rights Reserved.