Lessee
From Wikinvestor
A lease is a legal document, but can be an oral arrangement, which confers a right on one person (called a tenant or lessee) to possess property belonging to another person (called a landlord or lessor) to the exclusion of the owner landlord. The relationship between the tenant and the landlord is called a tenancy, and the right to possession by the tenant is sometimes called a leasehold interest. A lease can be for a fixed period of time (called the term of the lease) but may be terminated sooner. The consideration for the lease is called rent or the rental.
A lease should be contrasted to a license, which may entitle a person (called a licensee) to occupy property, but which is subject to termination at the will of the owner of the property (called the licensor).
Under normal circumstances, owners of property are at liberty to do what they want with their property, including dealing with it or handing over possession of the propertyto a tenant for a limited period of time. However, if an owner has surrendered possession to another (ie the tenant) then any interference with the quiet enjoyment of the property by the tenant in lawful possession is itself unlawful.
Similar principles apply to []real property]] as well as to personal property, though the terminology would be different. Similar principles apply to sub-leasing, that is the leasing by a tenant in possession to a sub-tenant. The right to sub-lease can be expressly prohibited by the main lease.
Term of a lease
The term of the lease may be fixed, periodic or of indefinite duration.
If it is for a specified period of time, the term ends automatically when the period expires, and no notice needs to be given, in the absence of legal requirements.
The term's duration may be conditional, in which case it lasts until A specified event occurs, such as the death of a specified individual.
A periodic tenancy is one which is renewed automatically, usually on a monthly or weekly basis.
A tenancy at will lasts only as long as the parties wish it to, and may be terminated by either party without penalty.
It is common for a lease to be extended on a "holding over" basis, which normally converts the tenancy to a periodic tenancy on a month by month basis.
It is also possible for a tenant, either expressly or impliedly, to give up the tenancy to the landlord. This process is known as a surrender of the lease.
