A master lease agreement pertains to the leasing and subleasing of property, while a master service agreement pertains to the provision of services. A master lease agreement is a contractual arrangement between two parties, typically a property owner (lessor) and a tenant (lessee).A master service agreement (MSA) is a fundamental contract outlining the scope of the relationship between two parties. A new investor can Master Lease with no money out of pocket and create income. The relationships and trust that a Master Lease can create are invaluable. Landlord and tenant are required to include their names in the lease agreement. 3. Lease can be either written or oral. Each bid shall be submitted on the proposal form attached, in a sealed envelope. (1) Addressed to the Purchasing Agent.