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lease

LEES /liːs/

nounverbB2IELTSTOEFLGMAT

legalbusinesspractical

A legal contract by which one party conveys land, property, services, etc., to another for a specified time, usually in return for a periodic payment; (verb) to grant or obtain such a contract.

A lease is typically a long-term agreement (e.g., one year), whereas a simple 'rental agreement' can be month-to-month.

The story behind the word. The word comes from the Old French 'laissier' (to let go, leave), which traces back to the Latin 'laxare' (to loosen or widen). Historically, leasing was seen as 'loosening' one's tight grip on a property to let someone else use it.

Word relationships

rental agreement: A rental agreement is often short-term or month-to-month, while a lease is typically for a fixed, longer duration.
contract: 'Contract' is a broad term for any legally binding agreement; a lease is a specific type of property contract.

Commonly confused with

rent: 'Rent' is the payment made under a lease, or a more general verb; 'lease' refers specifically to the formal, binding contract.

Word family

lessor (noun): The person who grants the lease (landlord).
lessee (noun): The person to whom the lease is granted (tenant).

Collocations

sign a lease
break a lease
lease agreement
expire of a lease

Idioms & expressions

a new lease on life

Example sentences

"Before signing the lease, make sure you read the clause about the security deposit." Signing a contract
"They decided to lease the commercial space for their new coffee shop." Property management

Memory hook

To lease is to 'let' someone 'ease' into your property for a year. Lease: A long-term agreement to ease into a home.

When not to use

Do not use 'lease' for very short-term transactions, like renting a bicycle for an hour (use 'rent' or 'hire').

Fun facts

The idiom 'a new lease on life' originally referred to renewing a property lease, which gave the tenant a secure place to live for another long period.