> ## Documentation Index
> Fetch the complete documentation index at: https://docs.pylon.mortgage/llms.txt
> Use this file to discover all available pages before exploring further.

# Lease Agreement for Owned Property

> Provide the current lease agreement for an owned property other than the subject property to verify rental income, occupancy, and ongoing obligations.

## What this task is

This task collects the **current lease agreement** for an **owned property other than the subject property** that is being used as a **rental or investment property**.
The agreement should:

* Be **complete and unredacted**,
* Identify the **property address**, **tenants**, and **landlord/owner**, and
* Show the **rent amount, term, and key conditions**.

The lease helps underwriters confirm both **rental income** and **property usage**.

## When this task is required

This task is required when:

* An owned property is being used, or will be used, as an **investment or rental property**, and
* The intended disposition is **not Pending Sale or Sold**, and
* The borrower’s **rental income or expenses** from the property are relevant to underwriting.

Common situations include:

* A **departing primary residence** that will be converted to a rental.
* An existing **investment property** where the rent supports the borrower’s qualification profile.

## Why this task is required

Lenders must validate:

* The **existence, amount, and stability** of rental income.
* That the property’s **occupancy type and use** match what is stated in the loan application.
* Any **terms or conditions** (such as short-term leases or unusual concessions) that might affect income continuity.

The lease agreement:

* Provides a **documented source** of rental income to support underwriting calculations.
* Helps confirm that the property is indeed being used as an **investment or rental**, not a second primary residence.
* Assists in assessing the **risk profile** of the borrower’s real estate holdings.

Without the lease, the lender may not be able to **count the rental income** or may need to make more conservative assumptions that reduce qualifying capacity.

## Documents needed to resolve this task

To satisfy this task, provide:

* A **complete, signed, and dated lease agreement** for the property:
  * All pages, **unredacted**, including any addenda or riders that affect rent amount or terms.
  * Clear identification of **rent amount**, **lease start and end dates**, and **parties to the agreement**.
* If available, **supporting documentation** showing:
  * **Recent rent receipts, bank statements, or payment histories** that demonstrate actual rent being received under the lease.

These documents allow the underwriter to incorporate rental income and related obligations accurately into the borrower’s **overall risk and capacity analysis**.