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.