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lease legal definition
noun
An agreement in which the right of occupancy or use of
real property, or the right to use personal property, is conveyed to another
for a set period of time in return for consideration, typically in the form of
periodic payments.
gross lease
Lease in which a tenant pays a flat sum inclusive of all
utilities and other expenses.
month-to-month lease
Rental of property without a long term contractual obligation; in
actuality, not a lease. May require one month’s notice in order to terminate,
depending on local or state law.
net lease
Lease in which tenant pays a rental amount for property, plus
additional obligations for utilities, taxes, etc.
parol lease
Oral agreement for tenancy; see parol.
percentage lease
Business lease agreement whereby the amount to be paid is based
on a specified percentage of tenantÂ’s gross or net profits; usually a minimum
rental amount is stated.Â
sublease
An agreement under which the lessee
of real property conveys his rights, or some subset of them, to a third
party.
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