Residential leases are a type of lease that is used for renting residential property. In exchange for payment, renters are granted temporary use of the residential property. Generally speaking, residential property includes any type of property in which a renter will live. The lease is normally set for a precise term of either 3 months, 6 months, or 1 year, but the lease can also be month to month in certain cases. For the purposes of the lease, which is governed by a lease agreement, the two parties are referred to as lessor and lessee. The lease agreement is used to define the relationship between the two parties which, after being consented, comprise a legally binding contract. The residential lease agreement must include the names of the two parties, the property being rented, rent payment, and other provisions that may apply to property use.