Which document stipulates the obligations of both tenant and landlord?

The lease agreement is the document that outlines the obligations of both the tenant and the landlord. In this legal contract, specific terms are detailed, including the duration of the lease, rental payment details, maintenance responsibilities, and other important conditions that govern the relationship between the landlord and tenant. This document ensures that both parties are aware of their rights and duties, providing a clear framework for expectations during the lease period.

In contrast, a title deed pertains to the ownership of property and does not define tenant-landlord relationships. An option agreement, typically used in real estate transactions, grants the purchaser the right but not the obligation to buy a property at a later date, which does not involve tenancy. A purchase agreement outlines the terms under which real estate will be sold, focusing on the buyer-seller relationship rather than tenant-landlord dynamics. Thus, the lease agreement is distinctly designed to govern rental arrangements, making it the correct answer.