A lease is defined as a legitimate/contractual document which outlines the term where one party (owning an asset) approves to rent property from the other one (the lessor).

A lease guarantees the lessee (the renter) use of an asset and promises regular payments (lease rental installments) from the lessor (the property owner) for an agreed period of time. Unless there is a renewal of the contract, or sale of an asset to the lessee; both the property owner and the renter must abide by the terms of the contract for the lease to remain valid.