What document outlines the terms of the rental agreement between landlord and tenant?

The lease agreement is the document that outlines the terms of the rental arrangement between the landlord and the tenant. It serves as a legally binding contract that specifies key elements such as the duration of the lease, the amount of rent to be paid, security deposit requirements, responsibilities for maintenance and repairs, and the rights and obligations of both parties.

Having this document is crucial because it provides clarity and sets expectations, reducing the likelihood of disputes. It also serves as evidence in the event of a disagreement regarding the terms of the tenancy. Without a well-defined lease agreement, misunderstandings can easily occur, which can lead to potential legal issues.

Other documents like a property title relate to ownership rights, rental applications are used to screen potential tenants, and inspection reports assess the condition of the property, but none of these fulfill the role of detailing the specific terms of the rental agreement.