Lease

Real Estate

A lease is a contract granting tenant possession of property in exchange for periodic rent payments over a specified term. Residential leases: typically 12 months, fixed rent, defined notice periods (30-60 days), specific terms on pets, utilities, modifications. Commercial leases more complex: gross (landlord pays operating expenses) vs. net leases (tenant pays varying portions of expenses), triple net (NNN — tenant pays taxes, insurance, maintenance), CAM (Common Area Maintenance) charges. Lease structures dramatically affect both landlord and tenant economics. Always read entire lease before signing — late fees, rent increase mechanics, breach provisions, and termination procedures all impact your obligations.