A real estate lease is a written agreement between a Landlord (lessor) and a Tenant (lessee) establishing the rights and responsibilities of each party. The Landlord is the owner of real estate (also known as "premises") who leases (rents) that property to a Tenant for the Tenant's use. A "residential" lease applies to real estate used as a residence, while a "commercial" lease applies to business property. A written lease should be prepared and signed whenever property is rented, to reduce the likelihood of misunderstandings between the Tenant and the Landlord regarding the rental arrangement. |