In leasing, what does the term refer to?

The term in leasing primarily refers to the duration of time a lease is in effect. This duration, often called the lease term, establishes how long the tenant is entitled to occupy the property and how long the landlord is bound to the terms of the lease. It can vary significantly, encompassing everything from month-to-month agreements to multi-year contracts. Clear definition of the lease term is crucial as it impacts the legal relationship between the landlord and tenant, affecting rights, responsibilities, and obligations during that time frame.

Other aspects of leasing, such as the type of rental agreement, the responsibilities of the landlord, or the fees associated with a lease, are important but do not specifically define the term itself. Instead, they are components that relate to or stem from the lease arrangement, rather than the duration being a fundamental defining feature of the lease.