Leasing 

is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of

contractual, periodic, tax deductible payments. The lessee is the receiver of the services or the assets under the

lease contract and the lessor is the owner of the assets. The relationship between the tenant and the landlord is

called a tenancy, and can be for a fixed or an indefinite period of time (called the term of the lease).

The consideration for the lease is called rent. A gross lease is when the tenant pays a flat rental amount and the

landlord pays for all property charges regularly incurred by the ownership from lawnmowers and washing

machines to handbags and jewellry.[1]

Under normal circumstances, an owner of property is at liberty to do what they want with their property, including

destroy it or hand over possession of the property to a tenant. However, if the owner has surrendered possession

to another (ie the tenant) then any interference with the quiet enjoyment of the property by the tenant in lawful

possession is unlawful.

Similar principles apply to real property as well as to personal property, though the terminology would be

different. Similar principles apply to sub-leasing, that is the leasing by a tenant in possession to a sub-tenant. The

right to sub-lease can be expressly prohibited by the main lease.

A written agreement under which a property owner allows a tenant to use the
property for a specified period of time and rent.

Written or implied contract by which an owner (the lessor) of a

specific asset (such as  land, building, equipment, or machinery) grants a
second party (the lessee) the right to its exclusive possession and use for
a specific period and under specified conditions,in return for specified
periodic rental or lease payments.