 |
Lease
Definition
|
|
| an agreement, written or unwritten, transferring the right to exclusive possession and use of real estate for a definite period of time. to create a valid lease, the Lessor must retain a reversionary right; that is, the Lessor (landlord) must grant the right of possession to the lessee (tenant) but retain the right to retake possession after the lease term has expired. (also see: landlord, tenant)
next word in word list.
| | Avg. Rating : Not yet rated, be the first to provide a rating for this definition. |
|
 |
 
 |
Browse 
