a lease agreement form, also known as a rental agreement, is a legal contract between a “landlord” or “lessor,” who owns property or real estate, and a tenant or lessee, who is paying rent to use or occupy the property or real estate. it’s important for all parties involved to understand and outline the terms and conditions of a residential lease agreement prior to agreeing to the lease. terms of residential lease – this section includes the amount of rent due each period, the beginning and ending dates of the lease, the date the lease is signed, and the address to which lease payments must be sent. lease renewal – this section details when and how the lease may be renewed.