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A lease or tenancy is the right to use or occupy personal property or real property given by a lessor to another person (usually called the lessee or tenant) for a fixed or indefinite period of time, whereby the lessee obtains exclusive possession of the property in return for paying the lessor a fixed or determinable consideration (payment).

The tenancy agreement is a contract between a tenant and a landlord. It may be written or oral. The tenancy agreement gives certain rights to both tenant and landlord, for example, tenant’s right to occupy the accommodation and the landlord’s right to receive rent for letting the accommodation.

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