A residential lease creates an agreement between a property landlord and one or more tenants that allows the tenants to occupy a residential property in exchange for payment. The agreement specifies the rights and obligations of all parties involved. It normally terminates after a fixed term, such as six months or one year.
A residential lease agreement differs from a residential rental agreement in that, as opposed to lasting for a fixed term, it continues as a periodic tenancy (i.e. week to week or month to month) indefinitely until one of the parties provides notice that it wishes to terminate the agreement.