Lease
A written rental agreement for a fixed term, usually a year. Both sides are bound by it until the end date. Breaking it early usually costs money.
Every term like this one lights up in the step you're on.
Free to set up. No credit card.Part 1 of 4
Why a seller cares
The lease is the document a buyer of a rental reads first, because they are buying it along with the building. Its end date, its rent and its rules decide what the buyer can do and when.
Part 2 of 4
A simple example
Your rental has a twelve-month lease at $1,400 with five months to run and no early termination clause. An investor reads it before making an offer.
| What the buyer reads | Why |
|---|---|
| The end date | When they can raise rent, renovate or move in |
| The rent and deposit | The income and the liability they take on |
| Any renewal or termination terms | Whether the tenant can stay past the date |
A lease is a contract that survives the sale. The buyer signs up to it by buying.
Part 3 of 4
What people get wrong
That the buyer can rewrite the lease after closing. They step into it as written, until it ends.
Part 4 of 4 · where to read next
Where it appears in the sale
What a definition is, and what it isn't
Keighbor is a software company, not a law firm, brokerage, or tax adviser. This is general information, not legal, tax, financial, or real estate advice about your sale. Your situation may differ. Before acting on a contract, disclosure, title, tax, or pricing question, ask an appropriately licensed professional in your state.
Written and researched by Keighbor Research · drawn from the reference glossary · how we research and check what we publish
One piece of your sale. Here is where all the pieces live.
In your room, this word explains itself where it appears.
Keighbor keeps your whole home sale in one place and defines every term like this one right where you meet it, in the step you're on. Free to set up, with or without an agent.