What is the definition of a lease in real estate terms?

A lease is fundamentally defined as a contractual agreement that grants one party the right to use and occupy another party's property in exchange for rent. This contractual nature is crucial because it establishes the legal framework within which both the lessor (property owner) and lessee (tenant) operate. The agreement outlines specific terms, including the duration of use, the amount of rent, and any responsibilities of each party.

In contrast, other options refer to different concepts in real estate. A type of ownership transfer speaks to outright ownership changes, rather than temporary rights of use. A verbal agreement could be informal and lacks the legal enforceability typically found in a written lease. Lastly, a government regulation pertains to the legal limitations imposed on property usage, which is not the essence of what a lease represents. Thus, the focus on the contractual nature and rental terms is what makes the definition of a lease accurate and comprehensive.