A lease is a rental agreement and binding contract between an owner (Landlord) and tenant for the use/occupation of a property by the tenant for a length of time (term) in exchange for rent under certain conditions.A lease should indicate the names of the parties to the lease, the address of the property, the commencement and termination dates, the monthly rent and deposit amount and a clause for renewing or terminating the lease.The property’s condition will be assumed to be good tenantable condition unless otherwise specified and clauses pertaining to who is responsible for maintenance should be included.A landlord may not simply enter the property without giving notice.A tenant is entitled to quiet enjoyment of the property.A 24-hours notice clause may be written into a lease in order for the Landlord to carry out repairs and/or show prospects towards the end of the tenancy.The Lease must be stamped with Bermuda Government Revenue Stamps within 30 days of execution and the stamps struck through for the lease to be fully executed, legally binding and admissible in the Courts should a dispute arise.And it is normal practice for the stamp duty to be shared equally between the Landlord and the Tenant.Stamp Duty is calculated on a sliding scale depending on the monthly rent figure as indicated below from the Office of the Tax Commissioner, Stamp Duty Section.Monthly Rent/Stamp DutyUnder $1200; $100.00$1200 or more but under $1500; $125.00$1500 or more but under $2500; $175.00$2500 or more but under $3500; $225.00$3500 or more but under $5000; $325.00$5000 or more; $425.00Bottom line for both Landlords and Tenants: Be aware of your responsibilities and rights when renting property.You may wish to consult a lawyer to review the draft Lease to ensure you are protected.This week’s column is submitted by Herb Crisson at Crisson & Co. He can be contacted at (441) 734-7000 or 295-0826, and email hcrisson@crissonrealestate.com. The company’s website is www.crissonrealestate.com.