A lease is when someone is given the right to use an entity (usually physical such as a house) for a set period of time that is agreed up front, in exchange for a payment of some form (usually financial).

Thus when you lease a house, you are paying a set fee of money to be able to have possession of the house for the duration of the lease. This is the most common type of lease encountered by ordinary people; there are other types of lease too.

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