A landlord lease is a term that refers to the initial draft of the lease created by the landlord. When a landlord prepares to rent property, he must first prepare a lease that can be offered to potential tenants. This lease, which may be created in-house or by a professional, usually outlines terms that best suit the needs of the landlord. At times, the landlord lease may be adequate for the potential tenant, but the tenant also has the option to negotiate the landlord lease to reach terms that are more accommodating for both parties. Similar to other leases, the landlord lease will include these essential components of a lease: property being rented, payment and schedule of payment, names of parties, security deposits, and any other conditions of property use. If consented to by both parties, this lease is legally binded until expiration or termination.