What does a valid lease convey?

A valid lease primarily conveys an exclusive right to use and occupy the property for a specified period. This legal agreement provides the tenant with the necessary authority to possess the property and utilize it according to the terms set out in the lease. By granting this right, the lease establishes a landlord-tenant relationship, wherein the tenant gains the benefit of the property while adhering to the lease's stipulated conditions, such as duration, rent payment, and other responsibilities.

This exclusive right distinguishes the tenant's ability to use the property from other interests, such as management or ownership rights, making it clear that the tenant has priority in the property's use during the lease term. Thus, the essence of a lease is the temporary transfer of rights to possess and enjoy the property, which is fundamental to the landlord-tenant dynamic.

The other choices relate to rights and responsibilities that are not typically conveyed by a lease. For instance, modifying property structures generally requires permission from the landlord, selling the property is a function of ownership, and paying property taxes is generally a landlord's obligation unless explicitly stated otherwise in the lease.