In this video, we'll take a closer look at the Michigan Residential Lease Agreement for rental properties. A Michigan standard residential lease agreement is a document that legally binds a landlord and tenant to terms and conditions related to a rental property.Michigan lease agreements are legally binding contracts for a landlord and tenant to come to an agreement for the use of a commercial or residential property. Do you want to lease your property in Michigan? Contract between the tenant and landlord, transferring possession and use of the rental property. (See sample Residential Lease. 1. Landlord's Name: The legal name(s) of the landlord. Renting out a commercial or residential property in Michigan?