Lease as defined is a legally binding contract between a lesser, (the owner) and the lessee (renter). Lease agreement defines all the rules (terms and conditions) which cover the transaction involving the lease time or the duration of the lease and the pertinent condition of the property or merchandise upon return of the lessee to the lesser. Lease payment amount, schedule of payment and penalties for delay of payments can also be stated in the said contract.
The lease contract may be a short term one (weeks or months) or it can extend up to a number of years depending on the agreement. Example of long term lease that go for more than ten years is a small business, like retail store but it is very rare for apartment lessee because one need not rent an apartment for so long if possible.
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