In real estate, what term is used for an agreement allowing a party to use a property without possessing ownership?

The term used for an agreement allowing a party to use a property without possessing ownership is "lease." A lease is a legal contract between a landlord (the owner) and a tenant (the user) that grants the tenant temporary possession and use of the property in exchange for rent. This agreement defines the terms under which the tenant occupies the property, including duration, payment details, and responsibilities regarding maintenance and utilities.

In this context, the tenant does not gain ownership of the property but has the right to use it for a specified period as outlined in the lease agreement. This makes leasing a common method for utilizing property without the need for outright purchase.

The other options represent different legal instruments: a liability agreement typically involves the management of risk or responsibility but does not pertain to property use; a quitclaim deed is a type of property transfer document that relinquishes any interest or claim in the property but does not provide usage rights; and an option contract gives a potential buyer the right to purchase at a later date, but it does not grant immediate possession or use similar to a lease.