Renting & managementAll terms starting with L
Lease agreement
Also called: rental agreement, lease
The contract setting the terms of a tenancy: rent, duration, responsibilities, and how it ends.
A lease fixes rent and term and allocates responsibility for utilities, maintenance, and property care. A fixed-term lease runs to a date; a month-to-month renews continuously until proper notice is given.
The provisions that matter most are usually the least dramatic: notice requirements, renewal mechanics, and who handles which repairs.
Related terms
- Security depositFunds held during a tenancy to cover unpaid rent or damage beyond normal wear, returned under statutory rules.
- Notice to vacateWritten notice that a tenancy will end, with a lead time set by the lease and by statute.
- Tenant screeningEvaluating applicants against consistent, lawful criteria: income, rental history, credit, and background.
- Renters insuranceA tenant’s policy covering personal belongings and liability, which a landlord’s policy does not cover.
Go deeper
More in Renting & management
Have a question about your own situation?
Ondo handles brokerage, lending, property management and notary under one roof, so the answer does not change depending on who you ask.