A contract that conveys the right to possess another's real property but does not convey title is called lease.
A lease is a contract that obligates the user to pay the holder for the use of a resource. Property, buildings, and vehicles are examples of leased assets. Leasing is also used for industrial or commercial equipment. A lease agreement is essentially an agreement between two parties: the lessor and the lessee. A lease is a contract that communicates the right to possess another's real property but does not convey title.
The primary distinction between a lease and a rent contract is the length of time they cover. A rental agreement is usually for a short period of time, whereas a lease contract is for a longer period of time.
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