What is the purpose of a "lease agreement"?

A lease agreement serves a crucial role in defining the relationship between a landlord and a tenant. Its primary purpose is to outline the terms under which a landlord allows a tenant to occupy and use a property. This includes specifying important details such as the duration of the lease, rental payment amounts, responsibilities for maintenance and repairs, and rules regarding the use of the property. By clearly articulating these terms, both parties have a mutual understanding of their rights and obligations, which helps to prevent disputes and facilitates a smoother rental experience.

The other options do not accurately describe the function of a lease agreement. For instance, documenting the sale of a property pertains to a purchase agreement, not a lease. Renovation guidelines might be relevant in a different context, like a property management or renovation contract, but they are not the primary focus of a lease. Recording property ownership history typically falls under title deeds or ownership records, distinctly separate from lease agreements. Thus, the correct answer highlights the essential nature of leases in the realm of rental real estate.