A lease contract form is an official document used to lease a property; a lease contract form may be used to rent both residential and commercial properties. Landlords may choose in some cases to use a standard, generic form, and in other cases they may use a more detailed and specific contract. A standard lease contract form may be used as a starting point to create a customized lease. A lease is signed by both the landlord and tenant or tenants; in the contract, the landlord may be referred to as the ﾓlessorﾔ and the tenant may be referred to as the ﾓlessee.ﾔ Specific terms will be addressed in the lease contract, such as the amount of monthly rent to be paid, the duration of the lease, provisions regarding pets, and the penalties for late payment or terminating the lease early. A lease contract form when signed legally obligates both the landlord and tenant to uphold the terms of the lease.