What is the definition of a lease?

The definition of a lease is essentially a contract that grants usage rights to a tenant or lessee without transferring ownership of the property. In this arrangement, the tenant is permitted to use the property for a specified period and usually pays rent to the property owner or lessor during that time. This arrangement allows individuals or businesses to utilize a space or property without the responsibility of outright ownership, which often involves additional costs and obligations.

Other options do not accurately describe a lease. An agreement for property ownership implies a transfer of title and rights, which is not characteristic of a lease. A short-term arrangement between friends lacks the formal and legal terms that typically define a lease agreement, and a promise to maintain property value does not encapsulate the fundamental nature of what a lease entails. Thus, the correct answer succinctly captures the purpose and function of a leasing agreement in real estate and property rental contexts.