What legal agreement allows a tenant exclusive possession of real estate?

A lease is a legal agreement that grants a tenant exclusive possession of real estate for a specified period, in exchange for rental payments. This document outlines the rights and responsibilities of both the landlord and the tenant and legally binds them to the terms specified within it. The tenant, through the lease, gains the right to occupy and use the property without interference from the landlord, subject to the conditions agreed upon in the lease. This exclusive right is critical because it ensures that the tenant can enjoy the property and its amenities as if they were the owner, while also providing the landlord with legal assurances regarding payment and property care.

Rental agreements, while similar to leases, are typically understood to be less formal and may not provide the same level of exclusivity or duration. Permits and rights of entry do not grant exclusive possession; rather, they involve temporary permissions or access without providing tenants the rights of a lease. Thus, the lease is the most appropriate legal instrument for conveying exclusive possession of real estate.