What document outlines the terms and conditions of the rental agreement?

The lease agreement is the document that specifically outlines the terms and conditions of the rental arrangement between the landlord and the tenant. This legally binding agreement details essential elements such as the duration of the lease, rental amount, payment due dates, and responsibilities of both parties regarding maintenance, repairs, and utilities.

It serves as a protection for both the landlord and tenant by clearly stating the expectations and obligations, thereby minimizing disputes and misunderstandings during the tenancy. Moreover, it may include provisions regarding the security deposit, pet policies, and termination clauses, giving a comprehensive overview of the rental relationship.

The other documents mentioned do not fulfill this primary purpose: the inspection report typically details the condition of the property at the time of inspection, which is not the same as outlining rental terms; the rental application is used to gather information from prospective tenants, such as credit history and employment details, and is not a binding agreement; the property management agreement is a contract between the property owner and the property manager outlining management duties, not the terms of tenancy.