Memorandum of Lease
Also known as a memo of lease. A recordable instrument used to put third parties on notice of a lease interest encumbering real property.
The memorandum of lease outlines the specific terms of a lease agreement, including:
The names and addresses of the parties.
A description of the leased premises.
The lease term, including the commencement date and the expiration date.
A description of any options, such as an extension option or a purchase option.
Usually, the monetary terms of a lease, such as the rent or security deposit, are not included in a memorandum of lease.
State and local laws provide information about what should be included in a memorandum of lease to make it effective and recordable.
A memorandum of lease is recorded in the recorder's office of the county where the leased premises are located.