In the legal sense, a lease is the transfer of ownership of an immovable property for a set period of time and a set price. A lease only grants the tenant the right to use the property in issue; ownership of the property is not transferred. Rent, other set amounts of money, or any other form of value-added item may be used as the compensation for a lease. The one who leases out the property is called ‘Lessor’ and the one who receives it is called the ‘Lessee’.