What does the term "lease" primarily transfer?

The term "lease" primarily transfers possession of real property. When a lease is executed, it creates a legal relationship between the landlord (lessor) and the tenant (lessee), giving the tenant the right to occupy and use the property for a specified period of time in exchange for rent. This possession allows the tenant to utilize the space as agreed upon in the lease terms, while the ownership and title remain with the landlord.

Leases do not transfer ownership, which means the landlord retains legal title and the rights associated with ownership. Similarly, a lease does not grant the tenant the right to sell the property; that authority resides exclusively with the property owner. The legal title remains unchanged throughout the term of the lease, reinforcing that the transfer is solely about possession. Thus, the essence of a lease centers on the rights to occupy and use the property rather than any ownership interests.