Lease

Written by Fmi.Online Friday January 6, 2023
A lease contract is a written agreement between two parties that identifies the terms of the lease as well as the leased property. The leased property’s owner is called the lessor  and the company renting the property is considered the lessee. A business lease for a building or equipment is not much different than a personal lease for an apartment.

Explanation :

  Many companies can’t afford to buy buildings or large pieces of equipment, so they rent them. When a company signs a rental contract for a period of time, the contract is considered a lease. The most common items found in a lease contract are:
  • The names of the lessor and lessee
  • The name and description of the leased property
  • Specific lease payment amounts and times
  • Penalties for late payments
  • Contract duration
  • Ending buyout agreement

In a nutshell :

  • A lease is a legal, binding contract outlining the terms under which one party agrees to rent property owned by another party.
  • It guarantees the tenant or lessee use of the property and guarantees the property owner or landlord regular payments for a specified period in exchange.
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