Lease

Definition:

An agreement by which an owner of real property gives the right of possession to another for a specified period of time and payment.

Examples:

The lease on all of these properties is up in May, and the owner will not be renewing them, as he plans on tearing the buildings down to put up a parking garage.

For people who don’t have the money for a down payment, a “lease-to-own” arrangement is a good way to buy property, because their monthly payments go towards the purchase price, but they are not liable for the full amount if they need to get out of the contract.