Landlords should be aware of the surety system that requires a lessor to maintain any bond on deposit or in one of the approved insurance schemes. Some owners now choose not to take a deposit. Instead, they prefer to charge the tenant an administrative fee for the establishment of the lease or insure themselves against possible damage to the lease. From A to Z, use the glossary to find out the specific terms of a rental agreement. A tenant is a person who signs a lease and binds it under the conditions set out in the rental agreement. The lease exists only between the tenant and the owner. Before establishing a lease agreement, landlords must decide whether or not the lease should end on a given date. In this type of agreement, a tenant pays a non-refundable option fee in exchange for the option to buy the house at a predetermined price. If the tenant decides not to buy the property, the lessor retains the option fee. . .