What is a contract called where one party conveys property for a predetermined period in return for payment?

The answer is the term "lease." A lease is a legally binding contract that defines the terms under which one party (the lessor) conveys property to another party (the lessee) for a specified period, usually in exchange for rental payments. This kind of agreement outlines not only the duration of the lease but also the responsibilities of both parties, the amount of rent due, and conditions for maintaining the property.

A lease provides clear legal protections and rights to both the landlord and the tenant, helping to ensure a stable arrangement for the duration of the contract. It specifies the terms of possession and the rules regarding the use of the property, creating an organized framework for the rental relationship.

While a rental agreement may sound similar, it typically refers to more flexible, short-term contracts without the formalities of a lease. A lease option can also be confused with a lease, but it often involves terms for the tenant to have the option to purchase the property at some point, adding complexity to the arrangement. A property agreement is a vague term that doesn't specifically denote the rental context, making it a less precise choice in this scenario.