Lease in United States
Lease Definition
A contract by which a person owning or controlling lands or tenements permits another to occupy the same for a period less than that to which the right of the lessor extends. The person so permitting the occupation of premises is called the lessor; the person contracting for possession is called the lessee. Regarded with respect not to the making of the lease, but of the relation created thereby, the parties are known respectively as landlord and tenant.
Lease in Foreign Legal Encyclopedias
| Link | Description |
|---|---|
| Lease | Lease in the World Legal Encyclopedia. |
| Lease | Lease in the European Legal Encyclopedia. |
| Lease | Lease in the Asian Legal Encyclopedia. |
| Lease | Lease in the UK Legal Encyclopedia. |
| Lease | Lease in the Australian Legal Encyclopedia. |
For starting research in the law of a foreign country:
Browse the American Encyclopedia of Law for Lease
Scan Lease in the appropriate area of law:
| Link | Description |
|---|---|
| Lease | Lease in the Family Law Portal of the American Encyclopedia of Law. |
| Lease | Lease in the IP Portal of the American Encyclopedia of Law. |
| Lease | Lease in the Commercial Law Portal of the American Encyclopedia of Law. |
| Lease | Lease in the Criminal Law Portal of the American Encyclopedia of Law. |
| Lease | Lease in the Antritrust Portal of the American Encyclopedia of Law. |
| Lease | Lease in the Bankruptcy Law Portal of the American Encyclopedia of Law. |
| Lease | Lease in the Constitutional Law Portal of the American Encyclopedia of Law. |
| Lease | Lease in the Tax Law Portal of the American Encyclopedia of Law. |
| Lease | Lease in the and Finance and Banking Portal of the American Encyclopedia of Law. |
| Lease | Lease in the Employment and Labor Portal of the American Encyclopedia of Law. |
| Lease | Lease in the Personal Injury and Tort Portal of the American Encyclopedia of Law. |
| Lease | Lease in the Environmental Law Portal of the American Encyclopedia of Law. |
Explore other Reference Works
| Resource | Description |
|---|---|
| Lease in the Dictionaries | Lease in our legal dictionaries |
| http://lawi.us/lease | The URI of Lease (more about URIs) |
| Lease related entries | Find related entries of Lease |
Legal Issue for Attorneys
A contract by which a person owning or controlling lands or tenements permits another to occupy the same for a period less than that to which the right of the lessor extends. The person so permitting the occupation of premises is called the lessor; the person contracting for possession is called the lessee. Regarded with respect not to the making of the lease, but of the relation created thereby, the parties are known respectively as landlord and tenant.
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Notice
This definition of Lease Is based on the The Cyclopedic Law Dictionary . This definition needs to be proofread..
Plain-English Law
Lease as defined by Nolo’s Encyclopedia of Everyday Law (p. 437-455):
An oral or written agreement between two people concerning the use by one of the property of the other. A person can lease either real estate (such as an apartment or business property) or personal property (such as a car or a boat).
Practical Information
Note: Some of this information was last updated in 1982
A binding contract (in U.S. law), written or oral, for the possession of lands and improvements on the one side, and the recompense by rent or other compensation on the other side. When the lease is evidenced by a written instrument that binds the parties to fulfill certain covenants or agreements, that instrument is known as a lease. It is sometimes called an indenture (in U.S. law). Leases range from the letting of an apartment for 1 year to a 99year lease on vacant property. They may cover real property (in U.S. law), personal property (in U.S. law), or both, but a lease of real property is most common. Leases of realty give the lessee a leasehold estate in the premises. Parties to a lease. The parties to a lease are the lessor, who owns the property, and the lessee, who rents it.
A party to a lease may be a natural person, or a partnership, or a corporation (in U.S. law) . Leases on behalf of minors or insane persons should be made by a guardian. The officers of a corporation enter into a lease on its behalf pursuant to authorization of the board of directors or stockholders. An administrator cannot make a lease because the administrator’s function is to wind up the estate, not to lease real property. An executor or testamentary trustee must receive specific authority from the will to make a lease.
Classification of Lease
Classification of leases by Duration, by Type of Property and by Rental
Standard lease clauses
A variety of clauses is necessary to express the agreement between the parties (see more)
Execution, acknowledgment, and recording of lease
A lease of land or commercial property is executed with the formalities of a deed. The stage statutes vary, but generally the following apply:
1. Both the lessor and lessee sign the lease.
2. A lease is sealed unless the state statute does not require a deed to be witnessed.
3. A lease is witnessed unless the state statute does not require a deed to be witnessed.
4. If the duration of the lease is more than one year (longer in some states), the lessor and lessee acknowledge it, and the lessee should have it recorded.
5. A lease may be signed by an agent with written authority.
The execution of the run-of-the-mill short-term lease, such as a lease on an apartment, is not so formal. Both the lessor and lessee sign, and usually the signatures are witnessed. Otherwise there are no formal requirements. The directions about acknowledgments and recording apply only to leases that must be recorded. (See recording (in U.S. law) of Lease. )
What is Lease?
For a meaning of it, read Lease in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Lease.
Resources
See Also
Rent Strike; Subletting.
Further Reading (Articles)
Lease accounting: are current rules as bad as some say?(financialREPORTING), Financial Executive; July 1, 2006; Fleming, Michael Bosco, William
Looming Lease Accounting Rule Changes: Impact On Earnings, Debt Covenants, Compensation Arrangements, And Earnout Agreements., Mondaq Business Briefing; May 21, 2
009
Lease Agreements Under Turkish Law., Mondaq Business Briefing; December 2, 2009;
Leases: Coming on the Books: New Recording Rules about to Launch, Utah Business; September 1, 2012; Shaw, Benjamin
Lease Accounting-Up for Renewal: A Review of FASB and the IASB’s Exposure Draft, The CPA Journal; October 1, 2013; Craig, Thomas R.
Lease Advisors[R] Donates $2,500 to the Wounded Warrior Project[R], Real Estate Weekly News; May 9, 2014
Leases: Is Rejection the Same as Termination and Who Is the Tenant Anyway?, Mondaq Business Briefing; December 18, 2013; Harding, Vicki
Lease Accounting Project Gets Underway, Equipment Leasing & Finance; April 1, 2007; Petta, Ralph
Lease-Accounting Project Faces Harsh Criticism, Equipment Leasing & Finance; November 1, 2013; Bosco, Bill
LEASE ROUTE FAVORED FOR CAMPUSES MOJAVE DISTRICT TO BYPASS BIDDING, Daily News (Los Angeles, CA); October 16, 2006; KAREN MAESHIRO Staff Writer
LEASE OR BUY CAR? CHOICE GETS TOUGHER LOSS OF INTEREST DEDUCTIONS, OTHER CHANGES, GIVE CONSUMERS MORE OPTIONS, The Boston Globe (Boston, MA); May 26, 1988; Gregory A. Patterson, Globe Staff
Lease tips: Timing is everything, Area Development Site and Facility Planning; March 1, 2003; Betesh, Marc E
Lease vs Buy: Making Key Equipment Acquisitions Decisions, Food Manufacturing; September 1, 2013; Frisch, Paul
Capitalizing Lease Payments, The CPA Journal; May 1, 2010; Grossman, Amanda M. Grossman, Steven D.
LEASE BOOM MAY LEAD TO LOWER PRICES FOR USED CARS, The Buffalo News (Buffalo, NY); June 22, 1994; JERRY KNIGHT – The Washington Post
Lease versus buy, Ophthalmology Times; January 15, 2003; Freeman, L Neal
Leveraged Leases in Flux, Equipment Leasing & Finance; January 1, 2011; Hurd, Rodney W
Lease Errors Can Become Costly When It’s Time to Move Out, The Washington Post; September 15, 2001; Barbara Burtoff;
Lease Obligation Is With Owner, Not Manager, The Washington Post; July 16, 2005; Benny L. Kass
Leases.(W and M Properties transactions), Real Estate Weekly; February 12, 2003
Index Lease in the context of Real Estate
Resurces
See Also
- Escalation Clause (2)
Net Leasable Area in the context of Real Estate
Resurces
See Also
- Rentable Area
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