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A lease is a legal document that outlines the terms under which a person or company (“lessee”) has permission to use an asset or space owned by another party (“lessor”) for a specified amount of time. A lease details the length of the agreement, what payments are due and when they should be made, as well as any additional stipulations regarding the usage of the asset or space. Leases can apply to many everyday circumstances, such as renting an apartment, leasing a car, or taking out office space.