LEASE

A lease is a document granting possession of a property for a given period without conferring ownership. The lease document specifies the terms and conditions of occupancy by the tenant including period of occupancy, rent payable etc. A lease includes a legal right for the exclusive occupation of part or the whole of premises or land for a defined period. The lease is a contract between the landlord and tenant creating a leasehold interest. The operative words are important such as lease, demise, or to let.

Most residential tenancies are a lease agreement between the landlord and tenant. The most common agreement is a standard residential lease. Many terms are implied. Under the lease agreement the tenant has the right to exclusive occupation of part or the whole of the premises. If the agreement meets all the rules of contract it becomes a contract between the landlord and tenant.

If exclusive occupation is not granted the occupancy may be a licence and not a lease.