GLOSSARY

Lease definition

What does Lease mean?

An agreement between a landlord and a tenant for the occupation of defined premises, with exclusive possession, for a term (fixed or periodic). Payment of rent is also an indicator of a tenancy, but not a requirement for a tenancy to exist.

Property

A contract that creates a relationship of landlord and tenant.
Where the landlord has an estate in land, the lease will also grant the tenant a leasehold estate in the land. Leases are subject to regulation, both as to their terms and the way in which they can be brought to an end.

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