When entering a rental lease, the law requires that a rental lease agreement is made between the two parties. The rental lease agreement is an agreement between owner and renter that grants temporary use of property according to certain terms. This agreement, which may be written or oral, defines terms of the rental lease that are agreed by both parties. After being signed, the rental lease is a contract for all legal purposes. Normally, a rental lease agreement is for a shorter term of time, often month to month. The agreement proves especially important in these cases because the landlord can modify terms with each renewal. The minimal requirements for rental lease agreements are names of parties, property being rented, duration of lease, rent payment, and conditions of property use. Other additional provisions may include a grace period, pet policy, or terms regarding lease termination.