A lease is a contract between a landlord who owns a property and a tenant who pays for the temporary use or use of that property. This contract creates an agreement that both parties must adhere to. The most common type of rental is for houses or apartments where individuals and families live. Since housing is an important public policy issue, many jurisdictions have established governing bodies that regulate and oversee the legal relationships and acceptable terms of leases between landlords and tenants in this area. For example, in New York State, the New York State Housing and Community Renewal Division (DHCR) is responsible for managing rent regulation in the state, including New York City. This responsibility includes both curbing rents and stabilizing rents. Although the lessor retains ownership of the asset, it enjoys reduced rights to the asset during the agreement. One of these restrictions is that due to its limited access to the asset, the owner can only access it with the tenant`s permission. He must inform the tenant of any maintenance work on the property or property before the very moment of the visit. However, if the tenant causes damage to the asset or uses the asset to commit illegal activities, the lessor reserves the right to evict the tenant or terminate the lease without notice.

At the end of the contract term and depending on the condition of the asset, the asset or property will be returned to the lessor, although the tenant may have the option to purchase the asset. A landlord is essentially someone who grants a lease to someone else. As such, a lessor owns property that is leased to a tenant under an agreement. The tenant makes a one-time payment or a series of periodic payments to the lessor in exchange for the use of the property. Another warranty implied in commercial leases is the warranty of fitness for a particular purpose. This guarantee only applies if the landlord knows how the tenant wants to use the property and the tenant relies on the landlord`s expertise to select the best goods or services. An owner can be a natural or legal person. The lease he enters into with another party binds both the landlord and the tenant and sets out the rights and obligations of both parties. In addition to the use of the property, the landlord may grant the tenant special privileges only at their own discretion, such as. B, early termination of the lease or extension to unchanged terms. .