Definition of Lease:
Grant (property) on lease; let.
A contract by which one party conveys land, property, services, etc. to another for a specified time, usually in return for a periodic payment.
Written or implied contract by which an owner (the lessor) of a specific asset (such as a parcel of land, building, equipment, or machinery) grants a second party (the lessee) the right to its exclusive possession and use for a specific period and under specified conditions, in return for specified periodic rental or lease payments. A long-term written lease (also called a deed) creates a leasehold interest which in itself can be traded or mortgaged, and is shown as a capital asset in a firms books. Advantages of leasing include (1) lack of restrictive covenants (common in bank loans and bond indentures), (2) conservation of capital (because the lessor provides 100 percent financing), (3) tax savings (in most cases), (4) avoidance of the risk of obsolescence, and (5) relative ease of obtaining a lease as opposed to a comparable bank loan. In most cases a lease, in effect, is a hire-purchase agreement without the requirement of an initial deposit and the added advantage of tax benefits. See also capital lease, operating lease, and, sale and leaseback.
Synonyms of Lease
Leasehold, Rental agreement, Hire agreement, Charter, Contract, Rent out, Rent, Let, Let out, Hire, Hire out, Sublet, Sublease, Farm out, Charge for the use of, Adverse possession, Alodium, Bareboat charter, Burgage, Charter, Claim, Colony, Copyhold, De facto, De jure, Dependency, Derivative title, Equitable estate, Estate at sufferance, Estate for life, Estate for years, Estate in expectancy, Estate in fee, Estate in possession, Estate tail, Farm, Farm out, Fee, Fee fief, Fee position, Fee simple, Fee simple absolute, Fee simple conditional, Fee simple defeasible, Fee simple determinable, Fee tail, Feod, Feodum, Feud, Feudal estate, Fief, Fiefdom, Frankalmoign, Free socage, Freehold, Gavelkind, Having title to, Hire, Hire out, Hiring, Hold, Holding, Job, Knight service, Lay fee, Lease out, Lease-back, Lease-lend, Leasehold, Legal claim, Legal estate, Legal possession, Lend-lease, Let, Let off, Let out, Mandate, Occupancy, Occupation, Original title, Owning, Paramount estate, Particular estate, Possessing, Possession, Preoccupancy, Preoccupation, Prepossession, Prescription, Property, Property rights, Proprietary rights, Remainder, Rent, Rent out, Rental, Reversion, Seisin, Socage, Squatting, Sublease, Sublet, Subrent, Tenancy, Tenantry, Tenure, Tenure in chivalry, Title, Underlease, Underlet, Undertenancy, Usucapion, Vested estate, Villein socage, Villeinhold, Villenage
How to use Lease in a sentence?
- A six-month lease on a shop.
- If you are a remote worker, you can either work from home or lease an office space in a convenient location from which to conduct business.
- She leased the site to a local company.
- I signed a year lease when renting my current apartment, but I do not think I am going to renew it.
- The women signed the lease without reading it or checking the house for damage from the previous tenets, she was stuck with the house for a whole year.
Meaning of Lease & Lease Definition