A lease rental agreement is the legal agreement that is made between the two parties when property is rented. The lease rental agreement provides the landlord and tenant with a contract to use and occupy property. The contract that is used sets up a specific payment schedule requiring that the renter pays rent for temporary property use. However, some agreements may translate to ownership of property. The lease-rental agreement, which is referred to interchangeably as a lease or rental agreement, is similar to any other type of lease. Although it is more commonly a written document, it can also be conducted orally. However, leases that are set beyond a year may require a written contract. The agreement should include specifics about the people and property involved as well as terms of payment, duration of payment, and conditions of use.