Property Ownership
An Indiana landlord-tenant relationship is most commonly created by a(n):
ADeed of trust
BLease agreement granting the tenant exclusive possession for a defined term in exchange for rent✓ Correct
CEasement agreement
DOption contract
Explanation
A lease is the legal agreement that creates the landlord-tenant relationship, granting the tenant exclusive possession of the property for a specified period in exchange for rent.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
EasementA non-possessory right to use another person's land for a specific purpose.
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