In this episode, we decode the lease, a binding contractual arrangement where a user (the lessee) pays an owner (the lessor) for the use of assets ranging from real estate and vehicles to industrial equipment. We explore the fundamental legal distinction between a lease and a license, highlighting how a lease typically grants the tenant exclusive possession for a specific duration, whereas a license is merely revocable permission to use a property.

Listeners will learn about the four primary types of tenancies defined by law:

• Fixed-term tenancy: A contract with a definite beginning and ending date that terminates automatically when the term expires.

• Periodic tenancy: An arrangement, such as a month-to-month rental, that automatically renews until one party p ...