Leases

• A lease is a legal document that stipulates in writing the terms for the use of a property or item, such as a car or equipment. In the case of a real estate lease, the agreement is between a landlord and a tenant. Most leases contain standard verbiage outlining the duration of the lease, payment terms, rules of use, insurance requirements, liability and termination information. Leases are usually self-contained and last as originally written for the duration of the lease term. Sometimes, however, the terms of the lease must change during the lease period. When this happens, landlords typically use a lease addendum rather than write a whole new lease.