Legal Definitions - parol lease

A parol lease is an unwritten lease based on an oral agreement. It is a type of lease that is not documented in writing. A lease is a contract where the rightful possessor of real or personal property conveys the right to use and occupy the property in exchange for consideration, usually rent.

Example: John orally agrees to lease his apartment to Jane for six months in exchange for $500 per month. This is a parol lease because it is not documented in writing.

Parol leases are not recommended because they can lead to disputes between the parties involved. It is always better to have a written lease agreement that outlines the terms and conditions of the lease.