In addition, a rental agreement is usually not automatically renewed. A tenant who remains in the property converts from month to month until the signing of a new lease or lease. Item Description – This is the section that describes the location of the rented property, including address, number of beds, bathrooms, type, common areas, etc. A basic lease agreement is a legal quality contract that involves the participation of a landlord and a tenant. Leases are used to determine the extent and limits of the lease term. It also contains all the specifications of the rules, regulations and policies that the tenant must follow. Apart from these points, a basic rental agreement contains the list of rights, rights, obligations and responsibilities not only of the lessor or owner of the property, but also of the tenant.