lease [leess] noun (plural leases) 1.

rental contract: a legal contract allowing somebody exclusive possession of another's property for a specific time in return for a payment 2. length of lease: the period of time covered by a lease
transitive verb (past and past participle leased, present participle leasing, 3rd person present singular leases)

1. rent property to somebody: to allow somebody to use property under the terms of a lease Landlord and Tenant, in the law of real property, the relationship between two parties created by a lease. The lease is a contract under which one party, called landlord or lessor, who has superior title to the property, grants possession and use of the property for a limited term to the other party, who is called tenant or lessee. The landlord need not be the actual owner of the property, but may be a lessee granting a sublease to another tenant and keeping the right to reassume possession of the property either at the end of a specified period or sooner if the subtenant breaches a condition of the lease such as by failure to pay rent. The lease agreement involves certain obligations by both parties. The lease generally provides protection for the tenant from disturbance by the landlord or other tenants. The landlord usually pays any taxes, assessments, and interest on mortgages on the property. In most states, landlords must comply with a warranty of habitability that requires them to maintain decent, safe, and sanitary dwellings. If the landlord fails to comply, tenants may seek rent abatements that reflect the diminished value of the premises. For their part, tenants must use the premises only as specified in the lease; exercise reasonable care of the owner's property; and pay rent as agreed in the contract. The lease provides for the amount of money to be paid.
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