Leases and Agreements

What Is A Lease?
A lease is a legally binding contract that sets out the rights, duties and obligations of the landlord (the lessor) and the tenant (the lessee). This contract allows the tenant to use the landlord’s property for a specified period of time in exchange for payment to the landlord.

Types of Lease
There are 2 types of leases:

  1. Commercial lease (for business premises.)
  2. Residential lease (for residential houses, flats and apartments.)

There are in turn, two types of commercial leases – periodic and fixed term leases. With a periodic lease there is no requirement for the beginning and end of the lease to be certain. Instead the lease ends on notice being given by either party.

On the other hand, a fixed term lease requires a definite starting time and ending time. If the lease does not specify otherwise, it will be known as a monthly periodic lease which means either party can terminate by giving a month’s notice in writing.

Lease Agreement

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