A rental agreement is a type of a lease agreement where the asset under lease is a tangible property like a piece of land or a house. Here the lessor or the owner allows the lessee to possess the property for a fixed period of time and for a negotiable cost called the rent.
Rental agreements are legal contracts governed by the laws of the state .If one of the two or more than two parties; show any kind of misconduct, they could face the legal complications for breach of law.
Any rental agreement must comprise of the following points:
- Names and other information of the parties of the agreement.
- The commencement date and the length of the agreement.
- Details of the property under lease like address and size.
- A list of conditions and responsibilities of the parties involved.
- The purpose or use of lease for example-residential, official or commercial.
- The signatures of the parties.
A rental agreement can be of the following types:
- House rental agreement
- Office space rental agreement
- Room rental agreement
Rental agreements must most importantly consist of the monetary discussions and the method of payment to cover the lease for the duration of the agreement.
Category: Rental Agreements