What is a legal agreement that transfers the right of possession of property for a fixed period called?

A legal agreement that transfers the right of possession of property for a fixed period is known as a lease. This type of agreement establishes a temporary arrangement in which one party, the lessor (property owner), grants another party, the lessee (tenant), the right to use and occupy the property for a specified duration, typically in exchange for rent or other compensation.

Leases are crucial in both residential and commercial real estate contexts, as they delineate the rights and responsibilities of both the tenant and the landlord, such as maintenance duties, payment schedules, and termination conditions. This legal framework ensures that both parties have a clear understanding of their obligations during the period of possession, thereby providing security and stability in property usage.

Understanding the nature of a lease is essential for anyone involved in real estate, as it influences both property management and tenant relations. The definitions of the other terms—mortgage, deed, and contract—relate to different aspects of property rights and ownership, but they do not specifically address the temporary possession of property in the way a lease does. For instance, mortgages pertain to financing the purchase of property, deeds are documents that convey ownership rights, and contracts generally refer to any legally binding agreement encompassing a wide range of obligations, not