Rental- Lease Agreement
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Lease and Rental Agreement
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What Is a Rental Agreement?
A rental agreement is a legal document that delineates the terms and conditions of an arrangement between a landlord and a tenant. It specifies the rent amount, lease duration, the rights and responsibilities of both the landlord and the tenant, and other relevant details pertaining to the rental property. In today’s fast-paced world, where mutual trust is eroding, property-related agreements, including rental agreements, must be secured through a legally enforceable contract.
Whether you’re a renter seeking a property or a landlord with available space, it’s crucial to utilize a legal rental agreement format that includes all necessary provisions and serves as a reference for both parties. The rental agreement should be error-free to safeguard the interests of both parties and act as a cooperative piece of evidence in case of disagreements.
Types of Rental Agreements
Residential Rental Agreement: This agreement governs the relationship and usage of residential properties between the landlord and the tenant. It includes discussions on rent arrangements for residential spaces.
Commercial Rental Agreement: Commercial rental agreements often cover spaces occupied by sizable organizations. However, smaller properties used by businesses may also fall under this category. In such arrangements, a landlord-tenant relationship exists, with the landlord typically being a business entity.
Documents Required for Rent Agreement
- Aadhaar, receipt, or any form of ID
- Non-Indian residents must submit their original passport
- The landlord must provide original proof of ownership
- Two passport-size photos needed
- The rental agreement should be printed on the recommended stamp paper value.
What Is a Lease Agreement?
A lease agreement is a contractual document that outlines the monthly rent payment and the duration of the lease between a landlord and a tenant. Given the legal intricacies and terminology involved, understanding the basics of a lease agreement can help you navigate through the complexities and avoid unnecessary disagreements or fees during or after the lease term.
Documents Required for Lease Agreement
- Aadhar cards, receipts, or any other form of identity ID are all acceptable
- If the tenant is not an Indian resident, submit the original passport
- Authentic copy of the landlord’s property’s proof of ownership
- Recently 2 passport-size photos
- Print the residential rental agreement on the recommended-value stamp paper.
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