how do leases work 
leases are generally legally binding contracts between two parties the lessor and the lessee they involve a piece of property rented out by the owner the lessor to the lessee or the tenant leases can be verbal agreements but are normally drawn up in writing both parties agree to the terms of the lease including the rental amount length of time for the contract as well as any consequences that may result if either party doesn t uphold the terms and conditions of the contract 