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TeachMeFinance.com - explain lease Lease -- A contract between the owner (lessor) and the tenant (lessee) stating the conditions under which the tenant may occupy or use real estate or equipment. Terms usually include a specific period of time and a predetermined rate. another definition... lease -- a contract by which the owner grants the right to possess and use real estate or equipment to another, and which sets forth the terms of payment and other conditions. historic accounting definition (British)... lease -- A lease is a conveyance of lands or tenements to a person for life, or for a term of years, or at will, in consideration usually of a return of rent or some other recompense. The person who so conveys the lands or tenements is called the lessor ; the person to whom they are conveyed is called the lessee ; and when a lessor so conveys lands or tenements to a lessee he is said to lease, to demise, or to let them. In reality, the term lease is the same as the term tenancy, but it has now become customary to speak of the relationship of landlord and tenant, that is, of lessor and lessee, under the former designation when the term for which the lands or tenements are demised is more than three years. In the main, however, the incidents attaching to a lease and an agreement for a tenancy are the same. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.