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A rental agreement is a contract of the rental between the owner of a property and a renter who wants to have temporary possession of the property; it differs from a lease, which is normally for a set period of time. The agreement must at a minimum define the parties, the land, the rental term, and the rent amount for the term. The property owner is known as the lessor, and the renter is known as the lessee.
The terms of the rental are usually specified in an implicit, formal, or written rental agreement or lease, which is governed and controlled under contract law. Letting out real estate (real property) for housing tenure (where the occupant leases a home to live in), parking space for a vehicle(s), storage space, whole or portions of properties for industry, agricultural, institutional, or government use, or other purposes are examples. When renting real estate, the person(s) or party who resides in or occupies the property is referred to as a tenant, and they pay rent to the property owner, who is referred to as a landlord (or landlady). Under real estate law, the leased real estate may be all or part of almost any form of real estates, such as an apartment, home, building, business office(s) or suite, land, farm, or just an inside or outside space to park a vehicle or store things. The tenancy agreement for real estate is often called a lease and usually involves specific property rights in real property, as opposed to chattels.
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