A lease is a type of agreement created between two or more parties where the owner of a house, building, land or product lets someone else use it for a limited period and in return from a rent. There are many types of leases, periodic lease meaning the lease is created for a limited period, and holdover lease where the lessee is allowed to use the leased property even after the lease period is over by paying the rent amount.
A lease contains various terms and conditions which must be followed by the lessee and also conditions under which the lease will be terminated. The lessor also mentions the various facilities he will provide and his responsibilities are also included in the lease. The duration of the lease term must be mentioned and the rent must be fixed. Most leases are given after the payment of a security deposit which is returned to the lessee once the lease period is over.
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