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Definitions and Meaning in English

1. Lease (noun): A legal agreement in which one party (the lessor) allows another party (the lessee) to use property, such as land, a building, or equipment, for a specified period in exchange for payment.
2. Lease (verb): To grant the temporary use of property or equipment under a lease agreement.

History and Origin

• The word “lease” originates from the Old French laisser, meaning “to let go or allow,” derived from the Latin laxare, meaning “to loosen.” It first appeared in English in the 14th century, primarily in legal contexts, referring to the contractual arrangement for the use of property or goods.

Detailed Explanation

A lease is a contractual agreement between two parties where the owner (lessor) grants the user (lessee) the right to use a property or asset for a specified period, typically in exchange for periodic payments. Leases are commonly used for residential and commercial real estate, vehicles, and equipment. They outline terms and conditions, including the duration, payment structure, and obligations of both parties. Breaking a lease can result in penalties or legal consequences.

Example Sentences

1. The tenant signed a one-year lease for the apartment.
2. They decided to lease a car instead of buying one outright.
3. The landlord refused to renew the lease due to late payments.
4. A lease agreement includes details about rent and maintenance responsibilities.
5. She leased her commercial space to a new business owner.
6. The equipment is available for lease to small companies.
7. Breaking a lease early may result in financial penalties.
8. The farm was leased to a local cooperative for agricultural use.
9. They negotiated better terms before renewing the lease.

Synonyms with Short Explanation

1. Rental agreement: A contract for temporary use of property or goods.
2. Tenancy: The period during which a lessee occupies leased property.
3. Hire: To obtain the temporary use of something in exchange for payment.
4. Contract: A legal agreement outlining terms for leasing.
5. Sublease: A lease agreement where the lessee rents out the property to another party.

Related Words with Short Explanation

1. Lessor: The owner who grants the lease.
2. Lessee: The person or entity who rents the property.
3. Rent: The periodic payment made by the lessee to the lessor.
4. Term: The duration of the lease agreement.
5. Deposit: An upfront payment, often required in lease agreements for security.

More Matches with Short Explanation

1. Sublet: To rent out a leased property to another tenant.
2. Agreement: A mutual understanding between parties, including leases.
3. Mortgage: A loan agreement, contrasting with leasing, for property ownership.
4. Occupancy: The act of residing in or using leased property.
5. Eviction: The removal of a lessee from the property for breach of lease terms.

Antonyms

1. Ownership: Having full legal rights to property or assets.
2. Freehold: Permanent and outright ownership of property.
3. Purchase: Buying property instead of leasing it.
4. Sale: Transferring ownership, opposite of a lease arrangement.
5. Forfeit: Losing the right to use or own property, unlike leasing.