Lease Expiration Law and Legal Definition
Lease expiration refers to expiry of the lease. One requirement for all leases is that the duration of the lease must be specified. Therefore, the tenant agrees to leave the premises upon the expiration of the lease, unless other arrangements have been agreed upon by the landlord and the tenant. Some leases may provide for an automatic renewal clause. Many leases contain option clauses that provide the tenant with the option to renew the lease before it expires.