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A lease agreement is an arrangement between two parties – lessor and lessee. It outlines the conditions of the arrangement so that each party understands his rights and obligations under the lease.
A lease agreement is an arrangement between two parties – lessor and lessee, by which the lessor allows the lessee the right to use a property owned or managed by the lessor for a specified period of time, in exchange for periodic payment of rentals.
The agreement does not provide ownership rights to the lessee. However, the lessor may grant permission to the lessee to modify or change the property to suit his needs. The lessee is responsible for the condition of the property during the lease period.
Lease agreements may be used for the lease of properties, vehicles, household appliances, construction equipment, and other items.
Common contents of a lease agreement include:
Duration: Period for which the lease agreement will be in effect.
Rent: The consideration or payment made by the lessee to the lessor in exchange for the property leased out.
Deposits: The amount of deposit required (if any), the purpose of each deposit, and conditions for return or adjustment of deposit at the end of the lease period.
Utilities: Which utilities are included in the rent, and which utilities the tenant is responsible for.
Insurance: Whether the lessee is required to ensure the property – this is most often used in commercial rental agreements.
Repairs and Maintenance: Party responsible for repairs and maintenance of the property – lessor or lessee.