A lease property refers to a property (such as land, a building, or a unit) that is rented or leased by the owner (the lessor) to a tenant (the lessee) for a specified period of time, under agreed terms and conditions. The lease agreement outlines the rights and responsibilities of both the landlord and tenant, including:
- Duration: The length of time the lease is in effect (e.g., 1 year, 5 years, etc.).
- Rent: The amount of money the tenant must pay the landlord in exchange for using the property.
- Maintenance: Specifies who is responsible for maintaining the property and making repairs.
- Restrictions: Can include clauses on how the property can be used (e.g., no subletting, no alterations).
- Renewal or Termination: The conditions under which the lease can be renewed or ended early.
Leased properties can be residential, commercial, or industrial, depending on their purpose. For instance, someone might lease an apartment to live in or lease office space for a business.
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