text: A lease or tenancy is an interest in personal property or real property given by a lessor to another person (usually called the lessee or tenant) for a fixed period of time, and the lessee obtains exclusive possession of the property in return for paying the lessor a fixed or determinable consideration.\n\nIn law, there are two types of property:\n\nReal property is land or any permanent feature or structure above or below the surface. Ownership of land is an aspect of the system of real property or realty in common law systems (immovables in civil law systems and Conflict of Laws). \nAll other property is considered personal property or personalty in common law systems (movables in civil law and Conflict of Laws), and this property is either tangible or intangible, i.e. it is either physical property that can be touched like a computer, or it is an enforceable right like a patent or other form of intellectual property. \nThere are three separate levels of rights or interests affecting both forms of property. In descending order of importance they are:\n\nownership, \npossession or \ncontrol and use. \nThe legal documents that transfer these rights are respectively: conveyance/transfer, lease/tenancy, and bailment/pledge for tangible personalty, assignments and licenses for intangibles.