An agreement in which an individual or corporation may receive possession, or temporary ownership, of real property for a specific period of time. Strictly speaking, when a property owner offers a lease, he or she is agreeing to a voluntary alienation of the property for the specified period. A lease agreement transfers the right of possession to the tenant, but the landlord retains reversion rights. For more information, see the "All About Leases" and "Lease Elements and Requirements" articles in the "Real Estate In-Depth" section.
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