Thu Nov 1, 2012. A lease is typically for a specific term for a specific total amount of money. For example, a 12 month lease at $1000/month, is a lease for $12,000 at term. If you break the lease after 7 months, you would still owe the landlord $5000. A month to month lease at $1000/month is simply that.
Keeping this in consideration, what does it mean to have a one year lease?
It can be from one to many pages, but in general, a lease defines exactly how long you'll be renting the apartment (six months, one year, two years and so on) and exactly how much money you'll pay in rent each month (and on what day). Both the landlord and the tenant benefit from a lease.
What does it mean to be on a lease?
Written or implied contract by which an owner (the lessor) of a specific asset (such as a parcel of land, building, equipment, or machinery) grants a second party (the lessee) the right to its exclusive possession and use for a specific period and under specified conditions, in return for specified periodic rental or