A lease agreement is a contract between a lessor and a lessee that governs the transfer of a property in exchange for payment. A lease agreement can be entered into, for example, for agricultural land, commercial property, or residential housing. The lease agreement governs the rights and obligations of both parties and is generally limited to a specific term. The key difference between a lease agreement and a rental agreement is that the lessee is granted far more rights, such as the right to generate profits from the use of the property.
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