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What Is a Lease Schedule?

By Christian Petersen
Updated May 16, 2024
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A lease schedule is a document which is attached to a master lease agreement. Its primary function is to show when the lease payments are due and in what amounts, although it may include other information such as a detailed description of the property, right or object being leased and other terms. Lease terms included on a lease schedule vary according to local laws but usually only relate to the length of the lease, the number of payments to be made, and payment dates.

When one party allows another party to use an asset in exchange for payment, the arrangement is called a lease and is a legally binding contract. The party with the asset is called the lessor and the party paying to use the asset is the lessee. Renting living space and automobiles are two common types of arrangements handled by a lease, but almost any physical or intellectual property or right can be leased. A lease includes legal terms and stipulations as set forth by the lessor and, by signing the lease, agreed to by the lessee.

The original lease agreement is called a master lease. Each time a master lease is created, a supplemental document called a lease schedule may also be created. The lease schedule sets out the payment dates and other chronological events under the lease such as inspections, maintenance, and terms of renewal. It is a way to tie the way the lease is carried out with the calendar so that both parties may be clear on when payments are due and when other events pertinent to the lease happen.

Some leases include a lease amortization schedule. This is used for leases which give the lessee the option of purchase at the end of the lease with the price based upon the amounts paid during the lease as may happen with an automobile lease. The lease amortization schedule is a table that shows how much of the lease payments are credited against the interest, how much are credited against the principal or purchase price and how much remains of the principal after each payment.

Each time the master lease is amended or changed, a new lease schedule is created to reflect these changes. It can include a change in payment amount as agreed upon by both parties or other terms such as payment frequency, date of payment or length of lease. A new lease schedule is generally only binding if agreed upon by both the lessor and the lessee.

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Discussion Comments

By bagley79 — On Aug 02, 2012

After I signed a lease schedule for the very first car I leased, that is the only way I have driven a car since then. I love driving a new car every few years, and don't have to worry about it not being dependable.

I have never gone over the mileage limits that are given for each year you drive the car. At the end of the original lease, instead of choosing to buy the car, I just sign a lease schedule for a new car.

I know some people don't agree with leasing a car all the time because you really never own it, you are just leasing it for a period of time. This doesn't bother me a bit and I like the freedom and flexibility leasing a car offers me.

By John57 — On Aug 01, 2012

I have only leased a car one time in my life, and doubt I will ever go that route again. It was nice to drive a new car and the lease payment was something I could afford, but once the original lease was up, I didn't choose to purchase the car.

I know there are different reasons a person will lease a car, but at the end of the lease, I felt like I hadn't made a dent in what it would cost to actually own the car.

From then on, I decided I would just purchase a car from the beginning instead of just leasing it. I was kind of young and naive at the time I signed this lease schedule.

There was nothing sneaky about it, I just don't think I fully understand how it all worked once all the lease payments had been made.

By golf07 — On Aug 01, 2012

If someone is signing a new lease for renting living space, I would encourage you to make sure you read and understand the fine print. It is so easy to sign these agreements without really reading everything this is written.

As far as my lease schedule, the amount of each monthly payment and when it was due was straight forward. When I had to end my lease because of a job transfer, I wasn't surprised I lost my deposit, but they also charged me for damages I didn't cause.

This clause was included in the lease schedule, and is fair if the damage actually did occur, but I was not able to prove that it wasn't me. By the time I realized this I was in another state and had a hard time fighting it.

When you sign your original lease agreement, just be aware of how it is worded, and make sure you take pictures and document everything before you ever move in.

By SarahSon — On Jul 31, 2012

The lease schedule I have for my apartment is pretty simple. It states what the monthly payment is and what day of the month this is due by. It also states that a late fee will be assessed if payment is not received by a certain day of the month.

If I were to break my lease, I may be responsible for the remainder of the months under contract if they cannot find a renter. I would also forfeit any deposit money I put down if I were to break my lease.

I think when it comes to things like apartment leases, most of them are pretty simple and easy to understand. There is protection for the people renting the units as well as protection for someone like me.

I know that they cannot raise my rent while I am under this specific lease agreement.

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