A lease is a legal contract, and thus enforceable by all parties under the contract law of the applicable jurisdiction.
In the United States, since it also represents a conveyance of possessory rights to real estate, it is a hybrid sort of contract that involves qualities of a deed.
Some kinds of leases may have specific clauses required by statute depending upon the property being leased, the jurisdiction in which the agreement was signed, and the residence of the parties.
Common elements of a lease agreement include:
Common elements of a lease agreement include:
Names of the parties of the agreement.
The starting date and duration of the agreement.
Identifies the specific object (by street address, VIN, or make/model, serial number) being leased.
Provides conditions for renewal or non-renewal.
Has a specific consideration (a lump sum, or periodic payments) for granting the use of this object.
Has provisions for a security deposit and terms for its return.
May have a specific list of conditions which are therein described as Default Conditions and specific Remedies.
May have other specific conditions placed upon the parties such as:
May have other specific conditions placed upon the parties such as:
Need to provide insurance for loss.
Restrictive use.
Which party is responsible for maintenance.
Termination clause (describing what will happen if the contract is ended early or cancelled by either of the parties, stating the rights of parties to terminate the lease, and their obligations)
All kinds of personal property (e.g. cars and furniture) or real property (e.g. raw land, apartments, single family homes, and business property, which includes wholesale and retail) may be leased. As a result of the lease, the owner (lessor) grants the use of the stated property to the lessee.
