What type of property is typically associated with a lease agreement?

A rental property is typically associated with a lease agreement because leases are designed to govern the relationship between a tenant and a landlord regarding the rental of residential or commercial space. In a lease agreement, the tenant pays the landlord for the right to occupy and use the property for a specified period, under agreed-upon conditions, such as rent payment, maintenance responsibilities, and property use.

In the context of residential rental properties, lease agreements define the terms of occupancy, ensuring both parties understand their rights and obligations. This contractual arrangement is critical for rental properties, as it provides legal protection for both the landlord and tenant.

Other types of properties, such as those owned outright by a buyer, are not typically associated with lease agreements, as they imply full ownership without rental arrangements. Similarly, a vacant lot for development represents land that may be intended for future use but does not involve current occupancy or rental agreements. Commercial properties for sale are also not associated with leases until they are leased out to a tenant, making rental properties the clear choice in this context.