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 terms and conditions, including the duration of the lease, the amount of rent, and responsibilities for maintenance. Leases can apply to various types of properties, such as residential homes, apartments, or commercial spaces. Typically, leases are signed for a fixed term, such as one year, but they can also be month-to-month. Both parties must adhere to the terms, and breaking the lease can result in penalties. Understanding the lease is crucial for both the landlord and the tenant to ensure a smooth rental experience.