Lease - General Terms

General Terms

A lease is a legal contract, and thus enforceable by all parties under the contract law of the applicable jurisdiction.

In the USA 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 specific kinds of leases may have specific clauses required by statute depending upon the property being lease, and/or the jurisdiction in which the agreement was signed or the residence of the parties.

Common elements of a lease 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
  • need to provide insurance for loss
  • restrictive use
  • which party is responsible for maintenance

All kinds of personal property (e.g.: cars, furniture,...) or real property (raw land, apartments, single family homes, and business property (including 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.