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. A Michigan lease agreement is a rental contract drafted to substantiate an accord involving the use of real property.A Michigan standard residential lease agreement is the typical contract landlords use to rent out their residential property. In this video, we'll take a closer look at the Michigan Residential Lease Agreement for rental properties. Michigan Lease Agreement Templates (7). A Michigan lease agreement allows a landlord to lease property to a tenant in exchange for rent.