Lease contracts are a binding agreement that is made between a renter and owner, usually consisting of a written document that must be signed by both parties. Without the existence of a lease contract, the lease itself cannot exist either. In a legal sense, the lease contract seals the terms of the agreement surrounding the property lease. For lease contracts to occur, the agreement should consist of temporary possession According to standards for leases, this agreement should also properly establish the range of terms that may come into play during the lease, including names of parties, the property, length of lease, and payment. Other policies such as tenant privacy and allowing pets may also be included in the lease contract. Lease contracts may undergo a process of negotiation firs, but after being signed or consented to, they are legally binding until eviction or the stated end of lease.