What is the purpose of a lease?

The purpose of a lease is to outline the terms under which one party agrees to rent property from another party. This legal document serves as a contract that specifies important details such as the duration of the lease, the amount of rent, payment terms, the responsibilities of both the landlord and the tenant, and other conditions governing the use of the property. By defining these terms, a lease provides clarity and protection for both parties involved in the rental agreement, helping to prevent disputes and ensuring that both the landlord's property rights and the tenant's right to use the property are respected.

In contrast, granting ownership of a property pertains to a deed rather than a lease, which focuses solely on renting. Providing a means of property maintenance is usually covered in different agreements or responsibilities outlined within the lease but is not the lease's primary purpose. Estimating a property's market value is a separate function that typically involves appraisal processes and is not related to the leasing of a property.