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Customer Service > Questions & Answers > Frequently Asked Questions > Personal Banking >

Home Loans (The Right Home Loan)

What is a lease?

A lease is a written document by which the rights of use and occupancy of land and/or structures are transferred by the owner (lessor, party in fee simple title) to another person (lessee, ground lessee, tenant) for specified period of time upon specified terms and conditions, such a payment of rent. The lessor retains the right to take possession of the land and/or structures in the event of default by the lessee under the terms of the lease, and at the end of the lease term.