The terms of the rental agreement bring clarity to the arrangement, such that the consideration, rights and obligations of both parties, and the rental term are established.
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What is a Rental Agreement?
A rental agreement protects the interests of both the landlord and tenant. The terms of the agreement bring clarity to the arrangement, such that the consideration, rights and obligations of both parties, and the rental term are established. In most Indian cities, rental agreements last only 11 months to protect against rental control laws. Agreements with a longer term need to be registered.
Advantages of a Rental Agreement
Fosters Good Relations
A comprehensive agreement, protecting the rights of both landlord and tenant, is essential to a good business relationship between the two parties.
When a deal involves such a large asset, you need a document in place that offers legal protection in case any action of the opposing party contradicts its terms.