What document is commonly used to detail the terms of a rental arrangement?

A lease agreement is the document that outlines the terms of a rental arrangement between a landlord and a tenant. It includes essential details such as the duration of the tenancy, rental amount, payment schedule, rules regarding the use of the property, maintenance responsibilities, and procedures for terminating the lease. This legally binding document serves to protect the rights of both parties by ensuring that they agree on their obligations and expectations during the rental period.

In contrast, a property deed is a legal document that conveys ownership of real estate but does not address rental terms. An inspection report typically details the condition of a property, often used at the beginning or end of a lease to assess damages or necessary repairs, rather than specify rental terms. An eviction notice is a document used by a landlord to formally notify a tenant of the intent to terminate their lease due to breach of contract or lack of payment, and does not establish terms of the rental arrangement.