| Meaning | It is a contract renting land, buildings, etc., to another; a contract or instrument conveying property to another for a specified period |
The periodic payment made to the owner of a property for the use of said property, as determined by a lease (rental) agreement. |
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| Length of Agreement | Often 6-12 months, but can be set for any length of time that two or more parties agree to in the lease. |
Payment is made for at least as long as the lease requires it. |
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| Managed By | Property owner |
Tenant who pays rent to use the property |
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| Definition (Wikipedia) | A lease is a contractual arrangement calling for the lessee to pay the lessor (owner) for use of an asset. |
Renting, also known as hiring or letting, is an agreement where a payment is made for the temporary use of a good, service or property owned by another. |
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