The Real Estate Encyclopedia
What is a lease?
Category - Home Ownership Questions - Lease & Renting FAQ's
A lease is a written or unwritten agreement, transferring the right to exclusive possession and use of real estate for a definite period. To create a valid lease, the property owner or lessor must retain a reversionary right. This means the lessor or property owner grants the right of possession to the lessee (tenant) but retains the right to retake the possession of the property after the lease term expires.
Home Ownership Questions - Lease & Renting FAQ's
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