A
lease is the document governing the rental of real estate.
The
terms of a lease normally include a description of the real estate, the
duration of the agreement, the rent, and the time of payment. A lease
need not
be in writing unless it is for a term greater than one year. If a lease
is not
in writing, it will probably be a periodic lease, which is one without
a
definite term. The period is generally determined by the frequency of
the
rental payments; for example: week to week, month to month, year to
year.