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Lease Agreement

Definition of "Lease agreement"

A contract between a lessor and a lessee to use property for a specified time period at an agreed to rental charge.

  1. Gross lease: A total amount of rental dollars from which the landlord must pay all taxes, utilities, insurance, and other costs.
  2. Month-to month lease: there is no formal lease agreement between the landlord and the tenant. Typically, the landlord must provide a one-month notice before canceling the lease.
  3. Net lease: A lease in which the tenant must pay all the related property costs including insurances, taxes, utilities, and others.

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