A master lease agreement is a contractual arrangement between two parties, typically a property owner (lessor) and a tenant (lessee). I wanted to know what are everyone's thoughts on master lease agreements.There are four categories of leases now here's what I want to tell you about this. These categories have nothing to do with how rent is paid. A guide for buyers and investors on master lease agreements, including advice on buying commercial property and securing financing. A master service agreement (MSA) is a fundamental contract outlining the scope of the relationship between two parties. Energy Management Consultation and Related Services. Region 14 Education Service Cener. Even if you WERE in violation of the agreement is up to HIM to prove it in a court of law. These agreements allow a lessee to rent a property, purchase the property and sublease it for profit.