Credit: Vitalii Vodolazskyi/Adobe Stock Differences Between Leases and Licenses of Real Property
Parties entering into an agreement for the use of real property should consider whether they intend to create a lease or a license because the nature of the arrangement may significantly affect the rights and remedies of the partiest,
May 28, 2024 at 11:08 AM
9 minute read
Owners of real property seeking to give a third party the right to use all or a portion of their property may do so through the grant of a leasehold interest or a license. Leases are generally viewed as more appropriate for a longer-term occupancy on an exclusive basis, and licenses are generally viewed as more appropriate for shorter-term arrangements and for non-exclusive uses. In many cases, however, the distinction between the two interests can be blurred.
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