What legal instrument is commonly used to transfer tenancy rights in residential properties?

A lease is the legal instrument commonly used to transfer tenancy rights in residential properties. It is a formal agreement between a landlord and a tenant that outlines the terms under which the tenant is granted the right to occupy and use the property for a specified period. The lease details important aspects such as the rental amount, length of occupancy, obligations of both parties, and conditions for possible termination. This agreement effectively allows tenants access to the property while legally binding them and the landlord to the agreed-upon terms.

In contrast, a title is a document that indicates ownership of property, while a deed is a legal instrument used for transferring ownership or title of a property, typically in sales transactions. A contract is a broad term that can refer to any agreement between parties but does not specifically pertain to the tenancy rights in residential contexts. Therefore, the lease is the specific instrument that focuses on tenancy rights, making it the correct choice for this question.