What is the common characteristic of a lease?

The defining characteristic of a lease is that it establishes an agreement for the use of property. A lease grants the tenant the right to occupy and use the property in exchange for rent paid to the landlord or property owner. This contractual arrangement clearly separates the use of the property from ownership, which remains with the landlord.

Leases can vary widely in terms and conditions, but they fundamentally serve the purpose of allowing one party (the tenant) to utilize the property owned by another party (the landlord) for a specified period of time, while retaining the property rights of the landlord. Other concepts—like transfers of ownership, rights to sell property, and easements—are distinct legal issues that do not encompass the primary nature of a lease, which centers specifically around the rental and usage agreement.