Leasing is the action of engaging in the rental of property in exchange for a payment or fee. Renters who engage in the rental of a home or car usually do so by means of lease, which provides them with legal use of the property according to terms of the agreement. The lease is operated by an agreement, called the lease agreement, which spells out details of the lease concerning terms such as payment, treatment of property, and the length of the lease. For a person to lease property, the owner first makes an offer which must then be accepted by the lessor. From a legal perspective, these terms of the agreement, whether written or oral, must be an arrangement that authorizes use and possession of property on a temporary basis.