Define a lease agreement.

A lease agreement is fundamentally a legal document that delineates the terms and conditions governing the rental arrangement between a landlord and a tenant. It serves as a formal understanding that outlines the rights and responsibilities of each party, including details such as the duration of the lease, rent amount, payment due dates, security deposits, maintenance responsibilities, and any specific rules related to the property.

The importance of a lease agreement lies in its role in providing clarity and protection for both parties. By being a legally binding contract, it helps to prevent misunderstandings and disputes that may arise during the course of the tenancy. Should conflicts occur, the lease can be referenced to clarify obligations and expectations.

Understanding the significance of a lease agreement is crucial for both landlords and tenants as it ensures a smooth and transparent rental experience, reinforcing the need for a well-documented approach to property management.