What details are outlined in a lease agreement?

A lease agreement primarily outlines the terms, conditions, and responsibilities involved in renting a property. This includes critical details such as the duration of the lease, rental payments, security deposits, maintenance obligations, and rules regarding the use of the property. These elements are crucial for both tenants and landlords as they define the expectations and legal responsibilities each party has toward one another during the lease period.

While ownership history, market value, and landlord expenses may be relevant to a real estate transaction, they are typically not included in the lease agreement itself. Instead, the lease is focused on the specific agreement between the landlord and tenant, ensuring that both parties understand their rights and obligations concerning the rental property.