Meaning & Definition of word "Lease"
Lease
/liːs/
noun:
- 1. A contractual agreement in which one party (the lessor) grants the other party (the lessee) the right to use an asset for a specified period in exchange for payment.
- Example: She signed a lease for a new apartment in the city.
- 2. The amount of money paid periodically under a lease agreement.
- Example: The lease on the office space is due at the end of the month.
verb:
- 1. To grant or obtain the use of an asset for a specified period in exchange for payment.
- Example: They decided to lease a car instead of buying one.
- 2. To take on a lease agreement for property or equipment.
- Example: The company plans to lease new office equipment next quarter.
Etymology
●Middle English 'lesen', from Anglo-French 'leser', from Latin 'lassare' meaning to let go.
Common Phrases and Expressions
sublease:
To lease a property to another tenant after renting it.
lease agreement:
The formal contract outlining the terms of the lease.
long-term lease:
A lease that extends beyond one year.
commercial lease:
A lease specific for business properties.
Related Words
tenant:
A person who occupies land or property rented from a landlord.
landlord:
A person who rents land, an apartment, or other property to a tenant.
Slang Meanings of lease
Meaning: A lease that feels like a burden or too restrictive.
● Example Sentence: That lease is such a drag; I can't make any changes to my apartment.
Meaning: To lease out a property or item casually.
● Example Sentence: I'm gonna lease out my bike to my friend for a while.