Lease
/liːs/
Definitions
3 meaningsA legal agreement granting the use of property, typically land or buildings, for a specified period in exchange for payment.
/liːs/
A contract granting use of property for a specific time.
The lease agreement outlined the terms of the rental.
💡 Simply: Imagine you're renting a house, apartment, or even a car! A lease is like the official agreement you and the owner sign, saying how long you can use the place and how much you'll pay each month. It's like a temporary ownership deal.
👶 For kids: A lease is like borrowing a house or apartment for a certain amount of time. You pay some money to use it, and then you give it back when the time is up.
More Examples
They broke the lease and had to pay a penalty.
The office building has a 99-year lease.
How It's Used
"The tenants signed a five-year lease for the apartment."
"The company secured a lease on a new office space."
"They decided to get a lease on a new car instead of buying it."
To grant or obtain the use of something (typically property) under the terms of a lease agreement.
/liːs/
To grant a lease of a property.
The company decided to lease the office space instead of buying it.
💡 Simply: Imagine you own an apartment. To lease it means you're agreeing to let someone rent it from you for a set time and price, just like when you're the one renting a place.
👶 For kids: To lease means to let someone borrow something for a while, like a house or a car, and they pay you money to do it.
More Examples
The property owner leases out several apartments.
They will be leasing the land for a new farm.
How It's Used
"The landlord agreed to lease the property to a new tenant."
"The company decided to lease out some of its equipment to other businesses."
The period of time for which a lease is granted.
/liːs/
A period of time for which something is leased.
The lease runs out in December.
💡 Simply: The lease can also refer to the time period you're allowed to rent something, like 'The lease on the house is up in a year.'
👶 For kids: The lease can also mean how long you get to use something before giving it back. The time you get to use it.
More Examples
The original lease terms were for five years.
We extended our lease for another year.
How It's Used
"The lease is for three years."
Idioms & expressions
break a lease
To end a lease agreement before the agreed-upon term.
"The tenant was forced to break the lease due to unexpected job relocation."
lease agreement
A written or verbal contract outlining the terms under which property is leased.
"Before signing, carefully review the lease agreement."
From Old French *les*, from the verb *laissier* (“to let, allow, permit”), from Latin *laxare* (“to loosen, relax”).
Historically, the term 'lease' has been used in legal and commercial contexts to denote the transfer of property rights for a fixed period, often for land or buildings.
Memory tip
Think of a piece of paper agreeing to 'release' someone's use of something for a certain time and price.
Word Origin
"To let, permit"