Definition - What does Lease mean?
A lease is a type of a contract between two parties, which can either be written or oral. The contract is about the use of the property by one party, which is owned and controlled by another. If the lease is of more than two years, then it has to be in a written form.
Justipedia explains Lease
The owner of the property is called the “lessor” and the one who uses it under the contract is known as the “lessee”. A person can acquire a piece of real estate or other assets like a car or a boat through a lease. A lease contract should include the basic information like the rent, other costs, time when the lease period will start and end, etc.