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Leased Meaning: Definition, Examples, and Translations

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leased

[liหst ]

Definition

Context #1 | Verb

real estate

To lease something means to allow someone to use an asset in exchange for payment. This transaction typically involves a legal agreement between the lessor (owner) and the lessee (tenant). Leasing is common in real estate, vehicle rentals, and equipment procurement. The lease agreement outlines the terms, duration, and responsibilities of both parties. Leased properties remain the property of the lessor, but the lessee has the right to use them as stipulated in the contract.

Synonyms

hired, let, rented.

Examples of usage

  • She leased an apartment in the city.
  • The company leased new office space.
  • He leased his car for three years.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

Legal Context

  • Leases are binding agreements, meaning both the owner and the user promise to uphold their sides of the deal.
  • There are different types of leases, including residential and commercial, each with specific legal requirements.
  • Breaking a lease can lead to financial penalties or legal actions, highlighting the seriousness of such agreements.

Economic Impact

  • Leasing is a common practice in many industries, allowing businesses to utilize assets without upfront costs.
  • In real estate, leasing can significantly affect housing markets by increasing availability and affordability.
  • Many individuals lease cars or equipment, which can be more cost-effective than buying outright.

Pop Culture

  • Movies often depict characters leasing items, such as apartments or cars, as a way to depict their financial status.
  • Commercials frequently use leasing promotions to attract consumers, particularly in the auto industry.
  • Popular TV shows sometimes explore the consequences of poor leasing decisions, adding dramatic tension.

Environmental Considerations

  • Leasing can promote sustainability by encouraging the use of shared resources rather than ownership.
  • Some businesses offer leases on eco-friendly products, reducing waste and promoting green practices.
  • Alternative leasing models, like car-sharing services, are gaining popularity for reducing the environmental footprint.

Origin of 'leased'

Main points about word origin

  • The word 'lease' comes from the Old French term 'laisser,' meaning 'to let.'
  • 'Leased' is the past tense of lease, indicating that the rental agreement has already started.
  • The concept has existed since medieval times, often relating to land and property rights.

The word 'leased' derives from the Old French term 'louer', meaning 'to rent or lease'. This term can be traced back to the Latin 'locare', which translates to 'to place, set out, or assign'. Over time, the term evolved in English to specifically denote the act of granting someone the temporary use of an asset in exchange for payment. The legal concepts surrounding leasing and renting further developed through English common law, leading to the modern-day understanding of lease agreements. Today, leasing is a fundamental aspect of various industries, providing flexibility for individuals and businesses to access resources without the need for full ownership.

Word Frequency Rank

At #6,246 in frequency, this word belongs to advanced vocabulary. It's less common than core vocabulary but important for sophisticated expression.