Lease definition including break down of areas in the definition. Analyzing the definition of key term often provides more insight about concepts. Lease can be defined as: Contract specifying the rental of property. When thinking about a lease we need to understand the meaning of similar sounding terms, terms like lease, leasehold, lessee, and lessor. A lease it a transaction between at least two parties were the owner, or lessor, leases the use of the property to a lessee or renter. Payment is usually make form the lessee to the lessor in the form of rent.
