A property lease is a legal agreement between a property owner (the landlord) and a tenant that allows the tenant to occupy the property for a specified period of time in exchange for rent. Leases typically outline the terms and conditions of the rental agreement, including the rent amount, payment due date, security deposit, length of the lease, and any other terms specific to the property or the landlord’s requirements.
Leases can be short-term or long-term, and can be for residential or commercial properties. Residential leases typically last for one year, while commercial leases can last for several years. In some cases, leases can be renewed or extended if both parties agree.