Property rental is an arrangement where property, whether real, personal, or commercial, is given from owner to renter on the basis of temporary use. For a property rental to exist, there must also be an agreement, known as the property rental agreement, to define the terms of this arrangement. The agreement that is made between the two parties defines the many terms that have been negotiated to take place in their relationship. The property rental agreement consists of names of both parties, the property being rented, the length of the lease, and other terms, including a pet policy and other constraints on how property can be used. In this agreement, the owner becomes the lesser and the renter becomes the lessee. This agreement may be oral/implied, or can also be in the form of a written document. As soon as the agreement is granted consent from both parties, usually by signature, the agreement becomes legally binding until termination.