know about the Rental Agreement in India
There are so many rental agreement formats you can get outside there especially if you are in India. Why rental agreement? There are a number of reason why you need a rental agreement in the first place. With that idea in mind, let’s have a look at what is the rental agreement and how it is the difference to the lease agreement. The rental agreement is basically a legal document which lays out terms and conditions. crucially when renting a property or when a property is being leased out and also document pertains to both the Landlord as well as a tenant.
Have you ever rented a house or an apartment or even a vehicle? There is always that document where you and the owner of the property must sign show as to show that you have agreed. There are terms and conditions which included not be deprived of services from the landlord before the day agree upon is over.
Rental Agreement formats in India
When renting a property in India you will always find various rental agreement formats. The following rental agreement formats can be downloaded or even created just to suit the needs of a tenant and the landlord. With that idea, it is upon you to choose the right rental agreement format that will suit your needs. In order to download, just feel free to visit the Indiafilings.com and download the right format of your rental agreement. However, before downloading any format. It is important to have a look at various rent agreement samples present online so that you can be able to choose the right format.
One of the rental agreement formats is that which runs for 11 months. With that idea in mind, this is what we always refer to as the 11 months rental agreement. It is different from other rental agreements basically because it contains terms and conditions stating that the agreement endorsed in that document takes effect from the day of signing and expires after 11 months.
Rental Agreement vs. Lease Agreement
It is important for you to be aware of the fact that the rental agreement is somehow different from the lease agreement. As far as a rental agreement in India is concerned, you need to be aware of the differences that exist between a lease agreement and rental agreement. Here are some of the basic differences.
Whereas a rental agreement is a document binding a tenant with a landlord for a relatively shorter period. The lease agreement is basically an agreement which binds the owner of a property with the person leasing it for use over an extensive period of time. In India, an individual could lease property for 5, 10 and even for 99 years depending on the agreement format in place.