Types of lease agreement

A document created between two parties for the purpose of renting out the property on lease is called lease agreement. The lease can be made on any property like rental or commercial. Basically there are 5 major types of leases.
Operating lease: It is also known as service lease which is made between the owner of the property and the tenant. The document or contract is made between two parties for renting the asset or property. In this type of lease, the tenant or the borrower uses the asset

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