What Does Lease Mean?

A lease also known as tenancy is generally the right given to someone to either use or occupy one's property. This is generally handed by a lessor to another person for only a certain period of time. In this process the lessee receives a limited ownership of the possessions in return for paying the lessor a certain amount that is either fixed or determinable consideration (payment). Ownership of land is a feature of the structure of authentic possessions or real property in common law systems
The three different levels of rights that move different forms of property are ownership, possession and control and use. The lease is generally transferred with the help of legal documents like conveyance/transfer, lease/tenancy, and bailment/pledge for tangible personality, assignments and licenses for intangibles.