Okuzeka
Real Estate vocabulary · Renting & Tenancies

Lease

Meaning in real estate, with examples

/liːs/nounCore term

In real estate, lease means: A legal contract in which an owner lets a tenant use a property for a fixed period in return for rent, setting out the rights and duties of both sides.

In Turkish: kira sözleşmesi, kiralama, uzun süreli kira

How it is used

Common in both residential and commercial property. You sign, renew, extend or break a lease; a home lease often runs for a year, an office lease for five or ten. British English often says tenancy agreement for homes.

Example sentences

  1. We signed a two-year lease on the apartment.

  2. The company wants to renew its lease for another five years.

Common collocations

  • sign a lease
  • renew a lease
  • break a lease
  • lease term
  • commercial lease
  • rentThe money a tenant pays regularly, usually every month, to live in or use a property that belongs to someone else.
  • tenantA person or business that pays rent to live in or use a property owned by someone else, usually under a lease.
  • landlordA person or company that owns a property and rents it out to someone else in return for regular payments.
  • break clauseA term in a lease that lets the landlord, the tenant or both end the lease early on a set date, usually after giving notice.
  • triple net leaseA commercial lease in which the tenant pays rent plus the property's taxes, insurance and maintenance costs, leaving the owner with almost no running costs.

More terms: Renting & Tenancies

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