Dictionary of Law

lease :: legal definition

Lease - 1) n. a written agreement in which the owner of property (either real estate or some object like an automobile) allows use of the property for a specified period of time (term) for specific periodic payments (rent), and other terms and conditions. Leases of real property describe the premises (often by address); penalties for late payments, termination upon default of payment or breach of any significant conditions; increases in rent based on cost of living or some other standard; inclusion or exclusion of property taxes and insurance in rent; limitations on use (for a butcher shop, a residence for the family only, no pets); charges for staying on beyond the term (holding over); any right to renew the lease for another period; and/or a requirement for payment of attorneys' fees and costs in case of the need to enforce the lease (including eviction). A lease is distinguished from a mere renting of the premises on a month-to-month basis and cannot exceed a year unless agreed to in writing. A "triple net" lease includes both taxes and insurance in the rent. 2) v. to rent out real property or an object pursuant to a written agreement.

See also: leasehold real property rent statute of frauds triple net lease unlawful detainer and Related Law Terms ↓

Related Law Terms

abandoned property :: n. property left behind (often by a tenant) intent ... -use. See also: abandon abandonment
abandonment :: n. the act of intentionally and permanently giving ... : abandon abandoned property patent
abstract of title :: n. the written report on a title search which show ... e also: chain of title title report
acceleration clause :: n. a provision in a contract or promissory note th ... . See also: acceleration assumption
ad valorem :: adj. Latin for "based on value," which applies to ... per parcel. See also: property tax
adjusted basis :: n. in accounting, the original cost of an asset ad ... s taxes. See also: basis income tax
adverse possession :: n. a means to acquire title to land through obviou ... o: possession prescriptive easement
after-acquired property :: n. 1) personal or real property acquired by a debt ... lso: bankruptcy secured transaction
appurtenant :: adj. pertaining to something that attaches. In rea ... t. See also: easement real property
assess :: v. to set a value on property, usually for the pur ... e place upon sale of real property.
assume :: v. to take over the liability for a debt on a prom ... he assumption. See also: assumption
attorney-in-fact :: n. someone specifically named by another through a ... cument. See also: power of attorney
attractive nuisance doctrine :: n. a legal doctrine which makes a person negligent ... ch make negligence harder to prove.
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
basis :: n. the original cost of an asset to be used to det ... ssistance. See also: adjusted basis
bond :: n. 1) written evidence of debt issued by a company ... good up to the amount of the bond.
capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange
cestui que use :: (pronounced ses-tee kay use or setty kay use) n. a ... beneficiary cestui que trust trust
chain of title :: n. the succession of title ownership to real prope ... title conveyance foreclosure title
child support :: n. court-ordered funds to be paid by one parent to ... ild custody divorce spousal support
cloud on title (cloud) :: n. an actual or apparent outstanding claim on the ... ion reconveyance title title report
collateral :: 1) n. property pledged to secure a loan or debt, u ... ral to the Colorado divorce action.
color of title :: n. the appearance of having title to personal or r ... rty based on this "color of title."
common property :: n. 1) real property owned by "tenants in common," ... e, like parks and national forests.
community property :: n. property and profits received by a husband and ... and distribution separate property
condition subsequent :: n. 1) in a contract, a happening which terminates ... Dad Fauntleroy. See also: condition
constitutional rights :: n. rights given or reserved to the people by the U ... e also: Bill of Rights constitution
conversion :: n. a civil wrong (tort) in which one converts anot ... the crime of theft. See also: theft
convey :: v. to transfer title (official ownership) to real ... ion conveyance deed grantee grantor
conveyance :: n. a generic term for any written document which t ... r Recorder of Deeds. See also: deed
copyright :: 1) n. the exclusive right of the author or creator ... plagiarism public domain trademark
court costs :: n. fees for expenses that the courts pass on to at ... ee also: cost bill prevailing party
covenant :: 1) n. a promise in a written contract or a deed of ... o compete deed restrictive covenant
deed :: 1) n. the written document which transfers title ( ... veyance deed of trust warranty deed
demise :: 1) v. an old-fashioned expression meaning to lease ... r life. 3) n. death. 4) n. failure.
devise :: 1) v. an old-fashioned word for giving real proper ... so: bequest gift legacy remise will
devisee :: n. a person who receives a gift of real property b ... will. See also: beneficiary legatee
divorce :: 1) n. the termination of a marriage by legal actio ... y separate property spousal support
double taxation :: n. taxation of the same property for the same purp ... it is not discriminatory or unfair.
easement :: n. the right to use the real property of another f ... rstandings at the time of creation.
eminent domain :: n. the power of a governmental entity (federal, st ... ngs. See also: condemn condemnation
encumbrance :: (incumbrance)n. a general term for any claim or li ... and must be paid for at some point.
escrow :: 1) n. a form of account held by an "escrow agent" ... w the deal." See also: escrow agent
estate tax :: n. generally a federal tax on the transfer of a de ... commonly called an inheritance tax.
eviction :: n. a generic word for the act of expelling (kickin ... ve eviction lease unlawful detainer
evidence :: n. every type of proof legally presented at trial ... material object objection relevant
exchange :: 1) v. to trade or barter property, goods and/or se ... ins tax. See also: delayed exchange
execution :: n. 1) the act of getting an officer of the court t ... so: death penalty writ of execution
executor :: n. the person appointed to administer the estate o ... sed decedent executrix probate will
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
fraud :: n. the intentional use of deceit, a trick or some ... audulent conveyance intrinsic fraud
free and clear :: adj. referring to the ownership of real property u ... the title has no claim against it.
grace period :: n. a time stated in a contract in which a late pay ... the contract, i.e. your insurance.
grandfather clause :: n. 1) a clause in a statute or zoning ordinance (p ... Such laws are now unconstitutional.
grant deed :: n. the document which transfers title to real prop ... rant grantee grantor quitclaim deed
impound :: v. 1) to collect funds, in addition to installment ... cases. See also: forfeit forfeiture
income :: n. money, goods or other economic benefit received ... ernment and most state governments.
insurance :: n. a contract (insurance policy) in which the insu ... t clause Workers' Compensation Acts
interest :: n. 1) any and all, partial or total right to prope ... nal property real property standing
invasion of privacy :: n. the intrusion into the personal life of another ... randeis. See also: right to privacy
invitee :: n. a person who comes onto another's property, pre ... ail employees. See also: negligence
joint :: adj., adv. referring to property, rights or obliga ... ncy joint venture tenancy in common
joint tenancy :: n. a crucial relationship in the ownership of real ... ty property tenancy in common title
land :: n. real property, real estate (and all that grows ... See also: real estate real property
landlord :: n. a person who owns real property and rents or le ... so: lease lessee lessor rent tenant
landlord and tenant :: n. the name for the area of law concerning renting ... ord lease lessee lessor rent tenant
law :: n. 1) any system of regulations to govern the cond ... um maritime law natural law statute
leasehold :: n. the real estate which is the subject of a lease ... sehold. See also: condominium lease
legatee :: n. a person or organization receiving a gift of an ... eficiary devise devisee legacy will
let :: v. 1) to allow or permit. This is distinguished fr ... rson. See also: lease rent sublease
leverage :: 1) n. the use of borrowed money to purchase real e ... e been created by risky leveraging.
levy :: 1) v. to seize (take) property upon a writ of exec ... heriff's sale tax writ of execution
license :: 1) n. governmental permission to perform a particu ... eement. See also: licensee licensor
lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage
life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property.
lis pendens :: (lease pen-dense) n. Latin for "a suit pending," a ... ob can be penalized by court order.
literary property :: n. the writings of an author which entitles him/he ... as copyrighted. See also: copyright
loss of use :: n. the inability to use an automobile, premises or ... ding or premises. See also: damages
marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust
marketable title :: n. the title to real property which has no encumbr ... e. See also: contract real property
mechanic's lien :: n. the right of a craftsman, laborer, supplier, ar ... ll sue for the debt. See also: lien
minority :: n. 1) in voting, a side with less than half the vo ... See also: legal age majority minor
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
net estate :: n. the remaining estate of a person who has died, ... alue. See also: estate tax gift tax
no fault insurance :: n: a type of automobile insurance required of car ... ling lawsuits. See also: negligence
nominal party :: n. a defendant or a plaintiff included in a lawsui ... ed. See also: necessary party party
non-conforming use :: n. the existing use (residential, commercial, agri ... eneral plan grandfathered in zoning
notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice
nuisance :: n. the unreasonable, unwarranted and/or unlawful u ... evening). See also: public nuisance
option :: n. a right to purchase property or require another ... ng or upon expiration of the lease.
palimony :: n. a substitute for alimony in cases in which the ... the relationship. See also: alimony
parole :: n. 1) the release of a convicted criminal defendan ... sed he will not take up arms again.
personalty :: n. movable assets (things, including animals) whic ... lso: personal effects real property
petty larceny :: n. a term used in many states for theft of a small ... emeanor in charging and sentencing.
possession :: n. 1) any article, object, asset or property which ... ctive possession. See also: possess
possessory interest :: n. in real estate, the intent and right of a perso ... o: possess possession real property
possibility of a reverter :: n. the potential that the title to a real property ... further issue. See also: reversion
power of attorney :: n. a written document signed by a person giving an ... y, as in a real estate transaction.
premises :: n. 1) in real estate, land and the improvements on ... t). See also: real estate structure
prescription :: n. the method of acquiring an easement upon anothe ... ty. See also: prescriptive easement
pro rata :: (proh rat-ah or proh ray-tah) adj. from Latin for ... e year in which he/she holds title.
probate :: 1) n. the process of proving a will is valid and t ... e also: administrator executor will
promissory note :: n. a written promise by a person (variously called ... lso: interest obligee obligor usury
property :: n. anything that is owned by a person or entity. P ... rty real property separate property
property tax :: n. an annual governmental tax on real property or ... are made. See also: ad valorem tax
protest :: 1) v. to complain in some public way about any act ... dishonored (not paid by the bank).
quiet title action :: n. a lawsuit to establish a party's title to real ... opposition. See also: notice title
quitclaim deed :: n. a real property deed which transfers (conveys) ... also: convey deed grant deed title
real estate :: n. land, improvements and buildings thereon, inclu ... the future. See also: real property
real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit.
real property :: n. 1) all land, structures, firmly attached and in ... onal property real estate reversion
reconveyance :: n. in those states which use deeds of trust as a m ... conveyance. See also: deed of trust
record :: 1) v. (ree-cored) to put a document into the offic ... eeding race to the courthouse trial
reformation :: n. the correction or change of an existing documen ... neral partner sues for reformation.
remainder :: n. in real property law, the interest in real prop ... ed reversion title vested remainder
rent :: 1) v. to hire an object or real property for a per ... ice. See also: lease month-to-month
rental value :: n. the amount which would be paid for rental of si ... alimony to be paid. See also: rent
restraint on alienation :: n. an attempt in a deed or will to prevent the sal ... enant rule against perpetuities use
reversion :: n. in real property, the return to the grantor or ... lled "reverter." See also: reverter
risk :: n. chances of danger or loss, particularly of prop ... so: assumption of risk risk of loss
robbery :: n. 1) the direct taking of property (including mon ... We've been robbed." See also: theft
rule against perpetuities :: n. the legal prohibition against tying up property ... . See also: restraint on alienation
security deposit :: n. a payment required by a landlord from a tenant ... lso: landlord and tenant lease rent
seized :: (seised) n. 1) having ownership, commonly used in ... by force. See also: seisin seizure
self-defense :: n. the use of reasonable force to protect oneself ... ndalism. See also: assault homicide
servient estate :: n. real property which has an easement or other us ... See also: dominant estate easement
settlement :: n. the resolution of a lawsuit (or of a legal disp ... ult in settlement. See also: settle
spot zoning :: n. a provision in a general plan which benefits a ... . See also: grandfathered in zoning
statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll
subject to :: adj. referring to the acquisition of title to real ... : assumption deed of trust mortgage
sublease :: n. the lease to another of all or a portion of pre ... and sublease. See also: lease rent
subrogation :: n. assuming the legal rights of a person for whom ... also: negligence subrogee subrogor
tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax
tax costs :: n. a motion to contest a claim for court costs sub ... sts" to avoid paying these charges.
term :: n. 1) in contracts or leases, a period of time, su ... nancy" is one term for "occupancy."
theft :: n. the generic term for all crimes in which a pers ... rglary embezzlement larceny robbery
title :: n. 1) ownership of real property or personal prope ... ink slip real property title search
title insurance :: n. a policy issued by an insurance company guarant ... : chain of title title title search
title report :: n. the written analysis of the status of title to ... lso: abstract title title insurance
title search :: n. the examination of county records for the prope ... e escrow lien title title insurance
tort :: n. from French for "wrong," a civil wrong or wrong ... nce slander trespass wrongful death
trespass :: n. entering another person's property without perm ... for an illegal purpose is a crime.
triple net lease :: n. a lease in which the lessee's (tenant's) rent i ... ers and malls. See also: lease rent
undivided interest :: n. title to real property held by two or more pers ... y by the entirety tenancy in common
unlawful detainer :: n. 1) keeping possession of real property without ... Thirty-day notice three-day notice
use :: n. the right to enjoy the benefits of real propert ... ay it is only of academic interest.
use tax :: n. a state tax on goods purchased in another state ... e" tax equivalent to its sales tax.
will :: n. a written document which leaves the estate of t ... will and testament probate testator

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Other Law Terms - L

labor and materials :: (time and materials) n. what some builders or repa ... track of actual labor hours worked.
laches :: n. the legal doctrine that a legal right or claim ... , breach of contract, fraud, etc.).
land :: n. real property, real estate (and all that grows ... See also: real estate real property
landlady :: n. female of landlord or owner of real property fr ... rents or leases. See also: landlord
landlocked :: adj. referring to a parcel of real property which ... which it was created (carved out).
landlord :: n. a person who owns real property and rents or le ... so: lease lessee lessor rent tenant
landlord and tenant :: n. the name for the area of law concerning renting ... ord lease lessee lessor rent tenant
landlord's lien :: n. the right of a landlord to sell abandoned perso ... to the ex-tenant and a public sale.
lapse :: 1) v. to fail to occur, particularly a gift made i ... eficiary devisee legatee trust will
larceny :: n. the crime of taking the goods of another person ... : grand larceny petty larceny theft
last antecedent rule :: n. a doctrine of interpretation (construction) of ... o trucks and not boats or tractors.
last clear chance :: n. a rule of law in determining responsibility for ... contributory negligence negligence
last will and testament :: n. a fancy and redundant way of saying "will." Law ... writing another one. See also: will
latent defect :: n. a hidden flaw, weakness or imperfection in an a ... warranty product liability warranty
lateral support :: n. the right of a land- owner to assurance that hi ... support problems are less dramatic.
law :: n. 1) any system of regulations to govern the cond ... um maritime law natural law statute
law and motion calendar :: n. a court calendar in which only motions and spec ... special legal arguments are heard.
law book :: n. any of numerous volumes dealing with law, inclu ... : common law law Shepardize statute
law of admiralty :: n. statutes, customs and treaties dealing with act ... w. See also: Jones Act maritime law
law of the case :: n. once a judge has decided a legal question durin ... he ruling is the "law of the case."