Definition and Types of Lease Agreements. A Lease Agreement is a contract that grants a tenant the right to use a property in exchange for rent.Use this free Virginia lease agreement template to draft future rental agreements across the state of Virginia. "Residential tenancy" means a tenancy that is based on a rental agreement between a landlord and a tenant for a dwelling unit. The Virginia lease agreement is the most common type of lease form and can be used for leasing rental property over a fixed period. Create a customized and legally binding Virginia residential lease agreement template with PandaDoc's free templates. Establish fair and enforceable rental terms easily. Create, edit and download our comprehensive Virginia lease agreement template. In terms of payment, there are two types of leases: gross leases and net leases. A Virginia lease agreement is a contract signed between the prospective tenant and the landlord.