Lease Agreement

What Is a Lease Agreement? A lease agreement is a contract that establishes the terms and conditions under which a tenant rents real property from a landlord. It creates a landlord-tenant relationship and governs the rights, responsibilities, and obligations of both parties for the duration of the tenancy. Lease agreements can apply to residential, commercial, or industrial properties. ## Essential Lease Terms - Names of the landlord and tenant - Property address and description - Lease term (start date, end date, renewal options) - Rent amount, due date, and payment method - Security deposit amount and return conditions - Maintenance and repair responsibilities - Rules regarding pets, subletting, and alterations ## Legal Framework Lease agreements are governed by state and local landlord-tenant laws, which vary significantly across jurisdictions. Many states have specific requirements regarding security deposit limits, notice periods for termination, habitability standards, and eviction procedures. Federal fair housing laws prohibit discrimination in leasing based on race, color, religion, sex, national origin, familial status, or disability. Both parties should understand their rights under applicable law before signing.