A lease is a legal agreement between a landlord and a tenant that allows the tenant to use a property for a specified period in exchange for rent. This document outlines the rights and responsibilities of both parties, including payment terms, maintenance obligations, and rules for using the property. Leases can apply to various types of properties, such as residential homes, apartments, and commercial spaces. Typically, leases are signed for a fixed term, such as one year, but they can also be month-to-month. At the end of the lease term, the tenant may have the option to renew the lease or vacate the property. Understanding the terms of a lease is essential for both landlords and tenants to ensure a smooth rental experience.