An agreement to rent a piece of property owned by another party is known as a lease.
The renter or lessee pays the lessor or landlord on a regular basis in exchange for the assured use of an asset. Both the lessor and the lessee are bound by the agreement. The agreement's duties and obligations are laid forth in the contract for both parties to follow. For instance, the obligations of the landlord and tenant are spelled out in the property lease of a residential property. Rent is paid by the renter, and security is left with the landlord. If a tenant violates the terms of the lease, the landlord may demand that they leave the property.
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