What is the primary purpose of a lease agreement in property management?

The primary purpose of a lease agreement in property management is to outline the responsibilities and rights of both the landlord and the tenant. This document serves as a foundational tool that defines the terms of the rental arrangement, detailing what each party is obligated to do, such as payment of rent, maintenance of the property, and adherence to rules and regulations.

By clearly articulating these responsibilities, the lease helps to prevent misunderstandings and disputes between the parties involved. It establishes a mutual understanding of expectations and provides a reference point should any issues arise during the tenancy. Thus, the lease agreement is fundamentally about creating a clear framework that governs the relationship between landlord and tenant, ensuring that both parties know their rights and obligations.

Other options mention aspects like verbal terms, good faith, or serving as a legal document, but these elements are secondary to the comprehensive outlining of responsibilities and rights, which is the essence of a lease agreement.