A lease agreement is a legally binding contract between a landlord, who owns a property, and a tenant, who intends to occupy the property for a specified period. This agreement outlines the terms and conditions governing the rental arrangement. It typically includes details such as rent amount, payment schedule, security deposit, lease duration, rules for property use, maintenance responsibilities and procedures for dispute resolution.
It serves as a comprehensive document that safeguards the interests of both the landlord and tenant. It establishes a framework for the rental relationship, ensuring clear communication and minimizing potential conflicts. A rental contract helps create a legally sound arrangement by clearly outlining expectations and obligations.