Temporary use of property is usually documented. A lease is a contract in which an owner grants a tenant the right to occupy or use property for a stated period in exchange for rent or other consideration.

Leases identify the premises, term, rent, permitted uses, and responsibilities for maintenance, utilities, and insurance. Residential leases are heavily regulated; commercial leases allow more customized bargaining. Options to renew, assign, or purchase may be included.

Breach can lead to eviction, damages, or both. Written leases reduce ambiguity about oral understandings. Recording or registration requirements sometimes apply to long-term interests. The lease remains the basic instrument of landlord-tenant and many equipment-financing relationships.

• Contract granting use of property for a term
• Specifies rent, duration, and obligations
• Subject to residential and commercial rules
• Enforceable through damages and possession remedies