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How do terms of a lease agreement work?
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Lease agreements are legally binding contracts between two parties – typically, the landlord and the tenant – that outline the rights and obligations of each party. The agreement usually consists of the tenant agreeing to pay monthly rent for the use of the landlord's property for a specified period of time. The agreement will also set out the terms regarding the tenant's use of the space, the landlord's rights to access the property and the tenant's obligations to maintain the property. In addition, the agreement may include guidelines for other matters such as utilities, security deposits and pet ownership.