A residential rental agreement is the agreement that governs the lease between two parties in a residential lease. The residential lease is a lease used for the purposes of property that is of a residential nature, meaning that tenants live on the property. The residential lease agreement is essential to the legal aspect of the lease, specifically in the respect that the agreement is an enforceable contract that can be used in court. Because of this, it is essential that the agreement is properly structured as well as properly written. This basic elements of this agreement, which can either be written or oral, usually consist of information such as names of parties, property being rented, duration of the lease, and conditions of using the property. Before being signed, the residential rental agreement should be negotiated to best suit both parties in the lease.