A lease is a relationship between a person and its owner. A lease agreement confers rights on both parties. The predominant factor of a lease is that it is safe for a period usually between one and three years with the renewal option. Any lease longer than three (3) years is considered a lease and not a lease. However, it is important to note that under the Lagos State Tenancy Act 2011, a renter cannot accept rent beyond one year, except for certain designated areas such as Ikoyi, Victoria Island, Apapa and Ikeja GRA. The framework law for the Lagos State lease is the Lagos State Tenancy Law 2011. A temporary lease ends on a set date and does not often require notice. .