A lease is where the owner of a property (lessor) agrees to rent their owned property to another person or tenant (lessee) for a particular duration of time. The lessee has to make a one-time payment or a series of periodic payments for the use of the property. The agreement that makes such an arrangement possible is known as a lease agreement. This agreement covers the terms of using the property and the time period for which such property is rented out.

A rental agreement is also similar where an owner of a property (landlord) gives temporary possession to another person (tenant). Unlike the lease agreement, a rental agreement is for shorter durations and the payment for possession is done on a monthly basis. The terms of the agreement, usage and payment details are decided by the landlord and the tenant.

It is very important to note that in either agreement the rights of the lessor-lessee and the landlord-tenant are not affected. The agreement should be such that both parties are satisfied with the terms and conditions. Thus it is advised to take help from professionals who will handle that for you.