What is the primary purpose of a lease?

The primary purpose of a lease is to serve as a written agreement between a property owner and a tenant. This legal document stipulates the terms and conditions under which the tenant can occupy and use the property. It typically includes details such as the duration of the lease, rent amount, payment terms, responsibilities regarding maintenance and repairs, and any specific rules or restrictions pertaining to the use of the property.

Through this agreement, both parties have clear expectations and obligations, providing legal protections for both the landlord and the tenant. The lease formalizes the relationship, ensuring that the tenant has the right to possess the property while the landlord retains ownership. This arrangement allows tenants to use the property without having to strike a full purchase agreement, thereby facilitating access to housing.

Other options, such as a payment plan for home ownership, a method for title holding, or a property tax incentive, do not align with the fundamental role of a lease. A lease specifically governs the rental of property, rather than directly addressing ownership structures, financial plans for purchasing real estate, or tax benefits.