A lease is defined as a contract between an owner (lessor or landlord) and a lessee (tenant) which gives the tenant a tenancy. Tenancy is an arragement, by another (tenant) to take exclusive possession of land in consideration for rent. Tenancy is also known as the interest of a person holding property by any right or title. Under the normal framework of a lease, the tenant takes possession and use of a property in return for rent payment. The lease is usually a written agreement which actually transfers the right to exclusive possession and use of real estate for a definite time … (0 comments)
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