Tenants and landlords must usually sign a rental contract in order to rent or lease a rental property. Contract terms may vary depending on state and local laws, as well as the type of property rented. A standard rental property contract, also referred to as a lease, will list the amount of monthly rent that a tenant must pay in addition to any other fees, such as security or cleaning deposit fees or additional fees for pets. A rental property contract will also usually outline other specific lease terms, including the rules and regulations regarding the use of any common areas, such as pools, clubhouses, tennis courts, or laundry facilities. The contract will also include information on how penalties may be assessed for late rent payment. A rental property contract may be used to rent both commercial properties as well as many different types of residential properties, from long term apartment and house rentals to short term vacation rentals.