How to figure out a lease agreement

What is a lease agreement?

A lease agreement is a binding and legal contract between you and your landlord
A fixed lease agreement is for a fixed time (3 months, 6 months, 12 months, etc). You might find this if you rent a room or apartment through an agency, but not always.
A periodic lease is less common and is for an indefinite time, but has specific requirements for giving notice before you move out. You might find this if you rent a room or apartment from an individual, but not always.

Why a lease agreement?

Leases protect you and your landlord- it gives you the right to the apartment (protecting you), but this means you also have to meet your responsibilities (protecting the landlord). If you have a 12 month lease but want to move out after 6 months, you have to keep paying the landlord for those 6 more months you do not want to live there! On the other hand, if the landlord wants you to move out, you don't have to until your 12 months are up. Both of these things will be true if you both have met your obligations.
If you and your landlord disagree, the lease says how to handle the disagreement.

What does it really say?

A lease is a legal document which could be hard to read and understand. Ask to have a copy to read over on your own but don't worry if you make the other person wait. It is an important document. Take your time. Ask questions if you don't understand something.
Be sure that if you want something specific (like the curtains to be in the apartment, or for the washing machine to be there) that it says so in the lease. Otherwise those curtains or the washing machine (or whatever else) does not have to stay in the place-meaning you'll have to get them yourself or do without!
If you need the agreement to say something it does not, get it changed in the lease. A verbal agreement may not hold up if a disagreement goes to court!

What is the most important stuff?

Be sure you understand how much you are paying for rent and what utilities (gas, electric, etc) that might or might not cover. If they are not included, they will be extra costs to add to your budget.
Be sure you know what happens if you pay late.
Be sure you know what you need to do in order to get your deposit back-this is usually to leave the place in the same state you found it when you moved in.
Be sure you know how to request repairs if something breaks and what your rights are if they are not handled by the landlord.
Be sure you know what the building rules are if there are any-you might find that you violate your lease if you play loud music after a certain time, or if you leave trash in a place it doesn't belong.
Be absolutely sure you save a copy of your lease! You never know if you might need it.