How is a lease defined?

A lease is appropriately defined as a contract between a property owner (often called the lessor) and another party (the lessee or tenant) for a specific period. This agreement outlines the terms under which the tenant is permitted to use the property, including details such as rent amount, duration of tenancy, and responsibilities of both parties.

This definition captures the essence of leasing, which revolves around the use and occupancy of property without transferring ownership. The specificity of the time period indicates that leases are temporary arrangements, distinguishing them from permanent ownership transfers, sales agreements, or property management services. A lease involves both legal obligations and rights for the landlord and tenant, making it a fundamental component of real estate transactions.

In contrast, a contract for property management services focuses on tasks related to the management of a property rather than occupancy. A temporary ownership transfer described in another choice suggests a transfer of title, which aligns more with sales agreements rather than leasing. Additionally, a sales agreement denotes an outright purchase of real estate rather than a contractual arrangement for use.