What is the primary purpose of a lease?

The primary purpose of a lease is to establish a rental agreement between the landlord and tenant. A lease serves as a legally binding contract that delineates the terms and conditions under which the tenant is allowed to occupy the property, including aspects like rental payments, duration of the lease, and any rules or stipulations governing the tenant's use of the property. This agreement provides clarity for both parties and helps to protect their rights and responsibilities.

While outlining maintenance responsibilities is often addressed within a lease, it is not the primary purpose. Similarly, a lease does not transfer ownership of the property, which is reserved for sales agreements, nor does it serve as a mortgage agreement, which pertains to the financing of a property rather than rental arrangements. The lease’s main function is to formalize the landlord-tenant relationship, ensuring both parties are aware of their rights and obligations while using the property.