Use a room rental agreement if you need to rent a room in your property and set rules and limits. For example, you can use this agreement to explain how to allocate rent and incidentals and whether your tenant can show customers around. A lease (or lease) is a document explaining the conditions under which a tenant rents a residential or commercial property from a lessor. The consequences of a lease default vary depending on the leasing company, product or type of property. If you don`t pay as agreed in your contract, you probably owe a late fee. If you damage the property you are renting, the contract describes your liability for the damaged property, which may include replacing the rental object or losing your deposit. . . .