A landlord and tenant sign a written agreement that grants the tenant exclusive use of a property for a stated period in exchange for rent. That agreement is a lease. It defines the rights and obligations of both parties.

Residential leases often run for one year; commercial leases may stretch much longer and include complex clauses about operating expenses, renewals, and tenant improvements. Key terms cover rent amount, duration, security deposit, permitted uses, maintenance responsibilities, and default remedies.

A valid lease creates a leasehold estate. Once signed, it is a binding contract. Oral leases for short terms are recognized in some places, yet written documents prevent most disputes. Understanding every clause before signing protects both landlord and tenant.

The lease is the rulebook for the tenancy.