What is Rental Agreement ?
The rental agreement is a legal document that is to be followed between the land lord and the tenant, which lays out the prescribed terms and conditions under which the rented property is leased out.
Usage of Rental Agreement:
It can be used by the Lessor or Lessee of a commercial property. It is signed by the lessee to indicate agreement to the conditions placed by the lessor. It is a legal document having force of law which may be referenced by courts in the event of a disagreement.
Execution of Rental Agreement :
It must be printed on a Non-Judicial Stamp Paper with a value of Rs.100/- or more. The rental agreement is usually signed on payment of deposit for the rental property between the lessor and the lessee.
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Commercial Property Rental Agreement Format