What does a lease involve in property terms?

A lease in property terms involves a legal agreement where one party, the lessor, grants the other party, the lessee, the right to use and occupy a property for a specified period of time in exchange for rent. This arrangement allows the lessee to enjoy certain rights associated with the property without transferring full ownership. The lease specifies the terms of use, duration, and obligations of both parties during this specified time.

Unlike a complete transfer of ownership, which would convey all rights and interests in the property permanently, a lease maintains the ownership with the lessor while granting specific rights to the lessee. This means that after the lease term expires, the rights revert back to the lessor. A lease does not represent a permanent ownership arrangement, as ownership does not change hands; it is a temporary situation governed by the terms of the lease agreement. Additionally, a lease is not classified as a government regulation, which pertains to laws that oversee how properties can be used or developed rather than the legal rights transferred regarding occupation of property.