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Landlord: One who owns an interest in real property and has leased such interest, or a portion thereof, to another party (the tenant). Also called a lessor.
Lease: A written or oral contract between a landlord (lessor) and a tenant (lesse) that transfers the right to the exclusive possession and use of the landlord’s real property to the lessee for a specified period of time and for a stated consideration (rent). By state law leases for longer than a certain period of time (generally one year) must be in writing to be enforceable.
Leasehold Estate: A tenant’s right to occupy real estate during the term of a lease, generally considered to be a personal property interest.
Lease Option: A lease under which the tenant has the right to purchase the property either during the lease term or at its end.
Lease Purchase: The purchase of real property, the consummation of which is preceded by a lease, usually long-term. Typically done for tax or financing purposes.