What is the legal definition of a rental agreement?

A rental agreement is defined as a formal contract between a landlord and a tenant that outlines the terms and conditions of renting residential or commercial property. This agreement facilitates a clear understanding of the rights and responsibilities of both parties involved. By being a formal contract, it provides legal backing, ensuring that both the landlord and the tenant have enforceable rights and obligations. This legal framework helps to prevent disputes by explicitly detailing aspects such as the rent amount, payment terms, duration of tenancy, maintenance responsibilities, and conditions for termination.

In contrast, the other options lack the necessary elements that define a rental agreement. While a verbal agreement may indicate an understanding between parties, it does not provide the same legal enforceability as a formal contract. A temporary arrangement without obligations does not accurately reflect the expectations and responsibilities typically outlined in a rental agreement, making it insufficient as a legal concept in real estate.