Lease Meaning: Definition, Examples, and Translations
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lease
[liːs ]
Definitions
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?
| 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).
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| 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.
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| 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.
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Examples of usage
- The lease on the apartment is up next month.
- She signed a lease for the office space.
real estate
To grant the possession of property under a lease; to take a lease.
Synonyms
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| lease |
In British English, 'lease' can be used as another form of 'let' when referring to renting out property.
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| 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.
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| let |
Commonly used in British English, 'let' refers to allowing someone to live in a property in exchange for rent.
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Examples of usage
- They decided to lease the property rather than buy it.
- We are looking to lease a new office space.
Translations
To see the translation, please select a language from the options available.
Interesting Facts
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.
Origin of 'lease'
Main points about word origin
- 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.
The word 'lease' originated from the Old French word 'les', which meant 'a lease, a letting'. It has been used in the English language since the 14th century. The concept of leasing property has been around for centuries, as a way for individuals to use land or buildings without owning them outright.
See also: leaseholder, leasing, sublease.