A lease agreement, as we know, is a contract between two parties, (a lessee and the lessor here, the lessee being the one who is renting/leasing the property, and the lessor, the owner), wherein, specific conditions are mentioned about renting or leasing the property. It is a legal agreement which gives the lessee the right to occupy the property for the tenure mentioned on it, but does not give them the right to own it.
The agreement does not provide ownership rights to the lessee. However, the lessor may grant permission to the lessee to modify or change the property to suit his needs. The lessee is responsible for the condition of the property during the lease period.
Lease agreements may be used for the lease of properties, vehicles, household appliances, construction equipment, and other items.
The lease agreement outlines the conditions of the arrangement so that each party understands his rights and obligations under the lease.