When property is being rented, rental agreements are used to create an agreement between the landlord and tenant. In terms of real estate, the rental agreement may be used for a lease over a set period of time. More specifically, the rental agreement is a contract, normally taking form in a written document, that sets and defines all of the terms that must be followed during rent. According to legal requirements, the rental agreement must recognize the parties, the property being rented, conditions for temporary use, and payment for rent. For legal purposes of the rental agreement, the owner of the property becomes the lessor and renter is referred to as the lessee.