A lease is a contract outlining the terms under which one party agrees to rent an asset—in this case, property—owned by another party.

Merriam-Webster Online Dictionary
lease (noun)
1.
a contract by which one conveys real estate, equipment, or facilities for a specified term and for a specified rent , also the act of such conveyance or the term for which it is made
2.
a piece of land or property that is - leased
3.
a continuance or opportunity for continuance - a new lease on life
lease (verb)
transitive verb
1.
to grant by lease
2.
to hold under a lease hire
Merriam-Webster Online Thesaurus
lease (verb)
1.
to give the possession and use of (something) in return for periodic payment
SYNONYMS:
lease, let
RELATED WORDS:
charter, engage, hire; lodge; sublease, sublet; rack-rent
lease (verb)
2.
to take or get the temporary use of (something) for a set sum
SYNONYMS:
charter, engage, lease, rent
RELATED WORDS:
sublease, sublet; check out; arrange (for), bespeak, book, contract (for), order, reserve, sign up (for)
lease
Synonyms:
Contract
Categories: Finance