A Lease is a property contract between a tenant and a landlord. This contractually binding agreement grants exclusive possession or use of property, usually in return for a periodic payment referred to as "rent."

The Lease Agreement is a type of contract providing exclusive possession of the leased premises entered into by a landlord and tenant reflecting agreed-upon terms and conditions.

The Lease Commencement Date usually constitutes the beginning of the lease term, whether or not the tenant has taken possession.

The Letter of Intent (LOI) is a document expressing the intent of each party in an agreement. It is not legally binding but instead aims to reduce misunderstandings between the parties.

A Limited Liability Company (LLC) is a business structure whereby the owners are not held personally liable for any of the company's debts or liabilities. LLCs do not pay taxes—their profits and losses are passed through to members, who claim them on their tax returns.

Loss To Lease (LtL) describes the difference between the actual rent per the lease and a unit's market rental rate. As an example, if the market rent for a unit is $2,000 per month and the actual rent is $1800 per month, the loss to lease is $200 per month.