Among other provisions, the contract must relay the property address, rental price, lease term, and security deposit amount for the lease. Learn to navigate the process smoothly as a landlord or tenant.How to fill out the Virginia Realtors Residential Lease Application? 1. Gather all necessary personal and rental information. 2. A Virginia lease agreement is a legally binding contract between a landlord and a tenant for the rental of property for a set period of time. Create a customized and legally binding Virginia residential lease agreement template with PandaDoc's free templates. Gather Applications: Make sure every prospective tenant fills out that Virginia rental application form. The VRLTA applies to most residential rental properties in Virginia. A Lease Agreement is a contract that grants a tenant the right to use a property in exchange for rent. In limited instances, a property may be exempt from the guidelines of the Virginia Residential Landlord Tenant Act (VRLTA).