Lease

A contract between a lessor and a lessee for the use of a vehicle or other property, subject to stated terms and limitations, for a specified period and at a specified payment.

Source: Federal Reserve Board

An agreement for renting real property. A lease is usually written and for a specific amount of time, such as 1 year. A rental agreement for a place where you live (apartment or house) can be oral and is usually on a month-to-month basis.

Source: California Courts.

Last reviewed October 2022