What is one common type of lease?

A residential lease is a common type of lease that typically involves the rental of a dwelling, such as an apartment, house, or condominium, for residential purposes. This type of lease is usually governed by specific laws and regulations that protect the rights of both landlords and tenants, ensuring that the living arrangements are clear and legally enforceable.

Key features of a residential lease often include the duration of the lease, rent amount, security deposit requirements, and the responsibilities of both parties regarding property maintenance and repairs. Due to its prevalence, the residential lease is essential in defining the landlord-tenant relationship and outlining the terms under which a property is rented for personal living space.

While other types of leases exist, such as commercial leases (which are used for business purposes), lease-to-own agreements, and land leases, the residential lease is particularly widespread and recognized as a fundamental aspect of the housing market. Understanding this type of lease is crucial for professionals in real estate, property management, and legal fields dealing with tenant relationships.