Examples of different types of leases include residential, commercial, and industrial properties, and lease terms are defined by agreements established between landlords and their tenants to validate contracts. The terms typically acknowledge the lease through signatures and dating to determine the beginning of the lease.
Commercial and residential lease terms can be individualized according to the requirements agreed upon by landlords and tenants. While the contract may not necessarily adhere to a general structure, its terms do operate as legal boundaries that can result in lawsuits if violated. Certain laws regarding fair housing, however, vary by state.
Both lease and rental terms identify when and how rent is to be paid. Due dates and payment methods may vary in addition to terms regarding security deposits. Security deposit agreements are useful in clarifying the terms of fees that may be returned to the tenant upon a contract's expiration under specified conditions.
Leases are binding documents that involved parties must follow in order to maintain the financial conditions of established terms. The length of a lease term may range from several months to several years. Once the contract expires, its terms may be rewritten for tenants or landlords wishing to settle new lease agreements.