real estate

Lease

A contract between a landlord (the lessor) and a tenant (the lessee) that transfers the right to exclusive possession and use of the landlord's real property to the lessee for a specified period of time and for a stated consideration. The term "lease" refers to both parties involved in the contract - the lessor and the lessee (rent). For a lease to be valid under state law, it must be in writing if it is for a term that is greater than a predetermined amount of time, which is often one year.