What is a Lease Agreement

What is a Lease Agreement : Some Important Info

What is a lease agreement is the first question that comes to mind after listening to the phrase. Common people are not much aware about these legalities, and that can be a drawback sometimes.

So, getting informed about these things is important. To go by the textbook definition, a lease agreement is essentially a legally written contract that can concern two persons or two organizations.

Among the two parties one has some property and the other is renting or borrowing that property for a certain amount of time. This document contains the terms and conditions decided by the two parties on the topic.

Some other information in this context is important too, as knowing what is a lease agreement may not be enough for the deal with a situation. The function of such a document is to protect both parties and help them if any legal confusion or problem crops up.

Most of the lease agreements can be divided into two brad categories, and they are commercial lease agreement and residential lease agreement. In the former one is used for business purpose and the later one is for landlords and tenants.

The time of a lease can vary from months to years based on the requirement of the parties. In short this agreement will help you to deal with things better.

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