How to make a Rental Agreement

What do you understand by Rental Agreement?

The rental agreement is a legal document, laid out between the tenant (who will be in temporary possession of a property) and the actual owner of the property that includes the terms and conditions to be followed by both the parties involved.

The property in the rental agreement may be a building, house, and flat, CD/DVD, machine tools or an appliance. It is always good to have a rental agreement for the smooth operation of the business in the future.

What is the procedure of a rental agreement?

·         Once you decide to have a rental agreement, you just need to let us know and our lawyer will get in touch with you regarding the same.

·         The lawyer will thoroughly discuss the needs and requirements to be mentioned in the rental agreement and at the same time, will educate you if there is anything you need to know or any latest updates.

·         When all your concerns are being acknowledged by the lawyer, he will send you a draft of a rental agreement for the reviewing process.

·         You can take a close look at the draft, and let the lawyer know about the changes you want if any.

·         It takes around 3 to 4 days for the whole process of rental agreement.

What are the benefits of the rental agreement?

Legit document of protection- Rental agreement serves as a document of legal protection. While lending your property to someone, there is always a risk of protection, so it’s always recommended to have the rental agreement signed.

Maintaining the relationship between the parties- Whenever you make an agreement, it includes all the points that may lead to a skirmish in the future if not told before renting out the property. As the terms and conditions are already sketched out in the Rental agreement, this will help in maintaining a healthy relationship between both the parties.

Avoiding the unanticipated expenses- If you have a rental agreement made, before leasing out a property, there are benefits of evading the unannounced expenses in the future.

One must have a written rental agreement because the verbal agreement is not likely to be enforced in a court as it is not possible to hold the terms and conditions accurately in a vocal form.

So a written copy always serves as a proof of an agreement that you arrived on at the beginning of the lease.

Few examples of terms and conditions when you are signing an agreement for renting a property.

Duties of an owner

·         Informing the tenants before visiting the property means not to make any surprise visit.

·         The property must be neat and clean before renting out.

·         Returning the deposit, after checking the property.

Duties of tenants

·        Payment must be made on time, as decided in the agreement.

·        Property must not be linked to any illegal activity.

Both the parties can also discuss their needs and required, that they want to include in the rental agreement and come to a common ground.

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