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Lease: meaning, definitions and examples

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lease

 

[liหs ]

Definitions

Context #1 | Noun

real estate

A legal agreement by which a party conveys property to another for a specified period, in return for rent.

Synonyms

contract, rental agreement.

Which Synonym Should You Choose?

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Word Description / Examples
lease

Use this term for a legal agreement where one party rents property, like an apartment or commercial space, from another party for a set period of time, generally long-term (six months to a year or more).

  • The tenant signed a one-year lease for the apartment
  • They decided to renew the lease for another year
rental agreement

Best used for a less formal, often shorter-term (month-to-month) arrangement between a landlord and tenant for renting property. These agreements tend to have more flexible terms compared to a lease.

  • They signed a rental agreement that allows them to stay on a month-to-month basis
  • The rental agreement was flexible, letting them move out with just a month's notice
contract

Applicable when referring to any legally binding agreement between two or more parties, which can include various contexts beyond property rentals, such as employment, sales of goods, or services.

  • The contractor signed a contract to build the new office complex
  • She reviewed the contract carefully before agreeing to the terms

Examples of usage

  • The lease on the apartment is up next month.
  • She signed a lease for the office space.
Context #2 | Verb

real estate

To grant the possession of property under a lease; to take a lease.

Synonyms

let, rent.

Which Synonym Should You Choose?

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Word Description / Examples
lease

In British English, 'lease' can be used as another form of 'let' when referring to renting out property.

  • They decided to lease the flat to students.
rent

Use 'rent' for both short-term and long-term agreements where money is paid for the use of property, vehicles, or other items. Commonly used in American English.

  • We need to rent a car for our vacation.
  • They decided to rent an apartment downtown.
let

Commonly used in British English, 'let' refers to allowing someone to live in a property in exchange for rent.

  • They let their summer cottage to tourists during the peak season.
  • She decided to let out her spare room to a tenant.

Examples of usage

  • They decided to lease the property rather than buy it.
  • We are looking to lease a new office space.

Interesting Facts

Etymology

  • The word 'lease' comes from the Old French word 'laisser,' meaning 'to let or allow.'
  • It has roots in Latin, tracing back to 'laxare,' which means 'to loosen' or 'to set free.'
  • The term has been in use in English since the 14th century, originally applied to land and property agreements.

Legal Aspects

  • Leases are legally binding contracts, meaning both parties must stick to the agreed terms.
  • Breaks in a lease agreement, such as early termination, can lead to penalties or loss of deposits.
  • Types of leases can include residential, commercial, and equipment leases, each with distinct rules.

Cultural Perspective

  • In different cultures, leasing practices may vary significantly; for example, in some cultures, oral agreements are still common.
  • The concept of leasing has played a vital role in economies by allowing businesses to access expensive equipment without upfront costs.
  • Leasing can often facilitate mobility, allowing people to relocate or adjust their living/working arrangements more flexibly.

Financial Insight

  • Leasing can be a way to manage cash flow, as it typically requires lower upfront costs than buying.
  • Businesses often lease vehicles or equipment to avoid the depreciation that occurs with ownership.
  • Lease payments can sometimes be deducted as business expenses for tax purposes, providing financial benefits.

Pop Culture

  • Leasing has been featured in media as a critical decision point in characters' lives, like in sitcoms where characters find quirky apartments.
  • Television advertisements often highlight leasing as a smart financial choice for consumers in the automotive industry.
  • Movies sometimes depict lease disputes leading to dramatic, comedic, or tense moments, showcasing the importance of these agreements.

Translations

Translations of the word "lease" in other languages:

๐Ÿ‡ต๐Ÿ‡น arrendamento

๐Ÿ‡ฎ๐Ÿ‡ณ เคชเคŸเฅเคŸเคพ (patta)

๐Ÿ‡ฉ๐Ÿ‡ช Miete

๐Ÿ‡ฎ๐Ÿ‡ฉ sewa

๐Ÿ‡บ๐Ÿ‡ฆ ะพั€ะตะฝะดะฐ

๐Ÿ‡ต๐Ÿ‡ฑ dzierลผawa

๐Ÿ‡ฏ๐Ÿ‡ต ่ณƒ่ฒธ (chintai)

๐Ÿ‡ซ๐Ÿ‡ท bail

๐Ÿ‡ช๐Ÿ‡ธ arrendamiento

๐Ÿ‡น๐Ÿ‡ท kira

๐Ÿ‡ฐ๐Ÿ‡ท ์ž„๋Œ€ (imdae)

๐Ÿ‡ธ๐Ÿ‡ฆ ุฅูŠุฌุงุฑ (ijar)

๐Ÿ‡จ๐Ÿ‡ฟ pronรกjem

๐Ÿ‡ธ๐Ÿ‡ฐ prenรกjom

๐Ÿ‡จ๐Ÿ‡ณ ็งŸ่ต (zลซlรฌn)

๐Ÿ‡ธ๐Ÿ‡ฎ najem

๐Ÿ‡ฎ๐Ÿ‡ธ leiga

๐Ÿ‡ฐ๐Ÿ‡ฟ ะถะฐะปา“ะฐ ะฐะปัƒ

๐Ÿ‡ฌ๐Ÿ‡ช แƒ˜แƒฏแƒแƒ แƒ (ijara)

๐Ÿ‡ฆ๐Ÿ‡ฟ icarษ™

๐Ÿ‡ฒ๐Ÿ‡ฝ arrendamiento

Word Frequency Rank

At position #2,372, this word belongs to solid intermediate vocabulary. It's frequently used in both casual and formal contexts and is worth learning for better fluency.