A Lease is a system of property tenure wherein an individual, by paying a certain sum, is granted the right to possess and occupy a certain property for a given period of time. The person granting the limited right to possess his property is called the Landlord while the person in whose favor the right has been conferred is called the Tenant. Leasing property remains one of the most common and popular means of owning interest over real property. It has the advantage of allowing the tenant limited rights approximating that of real ownership while allowing the same the option of renewing the lease contract upon the termination of its period. Moreover, since the tenant is not the only person having interest over the property it may be legally possible to create a joint risk management scheme between the parties. As such, the entire burden of liability over the property shall not be born exclusively by the tenant. However, it must be stated that a tenant must be weary of damages not initially considered as these may have an adverse effect on the viability of entering into a lease agreement.