Vital Things to Know About 'Rental Agreement'
Bangalore: Rental agreement or the lease agreement is an important document to look at, when you decide to set your property for rent. Once you find a suitable tenant for your property, both you and your tenant should mutually agree on the terms and conditions stated in the agreement. Normally, the real estate agent hired by you and your tenant prepares the rental agreement. After the preparation of the agreement, both you and your tenant need to sign on the dotted line for validation of the agreement.
To give further insight to the rental agreement, you can register the agreement by paying the required stamp duty than just getting it notarized. Below are a few things to consider in this process, reports Pankaj Anup Toppo of Outlook Money.
Length of lease
Legal procedures need proper attention and time. Before signing the rental agreement, it is important to check whether the duration of the lease is clearly mentioned in the agreement. Ensure that the start date and the end date of the rental period are written in the rental agreement. Normally, the rental agreement for residential property comes for a period of 11 months. Also, agreement must include the terms and conditions for the process under which the agreement renewal will take place after the expiry of the rental time period. The aforementioned points are important to look at before arriving at any final decision to avoid confusion. In addition, there must be a clear mention of the clause stating about the process under which the agreement can be terminated before the binding 11 months. The clause should also mention the rights stated by both the lessor and the lessee.