A lease is an agreement or a contract, allowing one party (the lessee) the right to possess and use property owned or managed by another party (the lessor). The lease allows you to record all relevant information about the use of the property: how much the lessee pays to use the property for the specified amount of time, which properties are allowed to be used as part of the lease, as well as insurance details, licencing information, and any correspondence relating to the lease of the property.