Lease

Definition

A lease is both a contract (creating obligations between landlord and tenant) and a conveyance (transferring possessory rights). In New York, leases for more than one year must be in writing under the Statute of Frauds. The four types of leasehold estates are: estate for years (fixed term), periodic tenancy (auto-renewing), tenancy at will (terminable by either party), and tenancy at sufferance (holdover after lease expiration). The landlord retains a reversionary interest. The right to regain possession when the lease ends.