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A contract of rental which is written between the owner of a property and a renter ho wishes to have the possession of the property for a temporary basis is known as a Rent Agreement or Deed. It is different from a Lease Deed, which is basically made for a fixed term.
Rent Agreement includes and identifies the parties, the term of rental, the property, and the amount of rent for the term. The term Lessor is referred to as the owner of the property and the Lessee is referred to the renter. It is basically a clear-cut, oblique, or prescribed rental agreement involved to specify the terms of the rental and is regulated under the Contract law.
Rental Agreements are made for letting out some properties for example real state, for housing tenure (residence rent), sometimes a parking space for vehicles is also rented, godowns or storage space, agricultural, institutional purpose, or for Government use etc. This primarily focusses on Rent Deed Agreement and its benefits.
Ten reasons are enlisted why Rent Deed Agreement is beneficial:
Step-1: First you need to draft your Rental Agreement by adding your details and appropriate clauses
Step-2: Print it on stamp papers of recommended value after reviewing the draft.
Step-3: No you need the signature of both renter and the owner on the designated places with signatures of two witnesses
Step-4: The last step is that you need to register the Rent Deed in the local Sub-Registrar Office.
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