A lease deed is an agreement between a lessor or the owner of the property and the lessee or the occupant of the property which is made for a certain time period or for endless time for a consideration. It allows a person to use the property of the landlord for the specified time period but does not provide or transfer the ownership rights to the lessee.
The deed is generally made for a specific period known as term. The lesser may grant certain allowances for modifying or changing the structure of the property to suit the needs of the lesser. The lessee will be liable for the condition of the leased property until the term of lease is completed.