The Ontario lease must contain the following data: TIPP: It is recommended that you check your state`s rental laws for more information if you want to sign a long-term lease. Rent-to-Own (sometimes also called purchase option or lease-to-own) is when a landlord offers tenants the opportunity to buy the rented property. The main purpose of this contract is to define the rental conditions; the sum of the monthly rent; the terms of payment for public services; the conditions of maintenance of the devices, etc. The agreement is very important in case of dispute. A standard rental agreement also includes each party`s rental rights and obligations, rent details (amount due, payment frequency, late fees, etc.) and other payment information such as deposit details. .