What is a lease in real estate terms?

A lease in real estate is fundamentally a contract between a landlord and a tenant that outlines the rights and responsibilities of both parties regarding the rental of a property. This legally binding document specifies key details such as the term of the lease, the amount of rent to be paid, due dates, conditions for termination, and any rules that must be followed while occupying the property. By clearly defining these points, a lease helps avoid misunderstandings and provides legal protection for both the landlord and the tenant throughout the rental period.

While it is true that a lease can cover a variety of rental durations, including long-term agreements, it is not restricted to short-term rentals alone, nor is it merely a verbal agreement or a document focused solely on property taxes. Therefore, identifying a lease explicitly as a contract between the landlord and the tenant accurately captures its essence within real estate terminology.