What is Rental Agreement all About?
A Rental agreement is an agreement which is executed between the owner of a property and a renter/ tenant who desires to have temporary possession of the property. The rental agreement can be defined as a legal document which lays out the prescribed terms and conditions under which the rented property is leased as per terms and conditions agreed between landlord and tenant.
Types of Rental Agreement
There are three types of Rental Agreement.
A) 11 month Lease Agreement - This type of rental agreement format expires after 11 months.
B) Commercial Rental Agreement - When the owner rents the property to the tenant for business purposes, then both of them need a Commercial agreement.
C) Long term rental agreement - Long term rental agreement is executed for a longer period.
Advantages of Rental Agreement
A rental agreement acts as an address proof also acts as a proof for bank loans. The rental agreement helps to minimize the conflicts between a tenant and the owner. Rental Agreement will save the tenant from paying you any damages at home. According to RTO Rules, a registered rental agreement is compulsory for registration of a new vehicle.
Rental Agreement Registration
A Rental agreement must be in form of a written document, printed on the correct stamp paper which is called rental agreement registration. Rental agreement registration is mandatory if the term of the agreement is more than 1 year. Where a rental agreement is made for more than 1 year and it is not registered, the same will be not be admitted in Court as evidence.
Conclusion
A rental agreement sets out the rules landlords and tenants agree to follow in their rental relationship. A rental agreement maintains a good relationship between landlords and tenants. Enterslice provides the best service relating to the rental agreement. If you have any doubt about rental agreement, then contact Enterslice to get world's most satisfactory and affordable service.
