A leasing agreement is a contract between a lessor (the owner) and a lessee (the renter) that allows the lessee to use a property or equipment for a specified period in exchange for regular payments. This agreement outlines the terms, including the duration of the lease, payment amounts, and responsibilities for maintenance and repairs. Leasing agreements are commonly used for various assets, such as real estate, vehicles, and office equipment. They provide flexibility for the lessee, allowing them to use the asset without the upfront costs of purchasing it outright.