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All right, the topic of todays video is the lease agreement or the lease contract. In my next video were actually gonna discuss the different types of lease agreements that are out there, but today were just gonna deal with the lease agreement in its general sense. So what is a lease contract or a lease agreement? First thing you have to know is a lease contract and a lease agreement mean the same thing, that those two terms are used interchangeably. The other thing that you have to know is a lease contract is between the lessor and the lessee. The lessor is the landlord or the third party property manager, and the lessee is the tenant. And the lease can be verbal or it can be written. Now, there is a caveat to that. There is a law called the statute of frauds. Youre gonna have to know that for your real estate licensing exam. Every state has their own set of statute of frauds, and the statute of frauds in most states say that if a lease is greater than one year, then it must be in
