Lease agreements are a wide range of agreements that are used to govern leases, including residential leases, commercial leases, equipment leases, and auto leases. Regardless of the type of lease, lease agreements are used to setup a legally binding agreement between the two parities, lessee and lessor. In a legal sense, lease agreements take the form of contracts for the lease. Due to their legal importance, lease agreements must also include very specific information about the lease: type of property, parties involved, duration of lease, and conditions of property use. If both parties don't agree to the terms, lease agreements can and should be negotiated before being signed. It is important that both parties understand and agree to terms before a lease begins.