A Lease Agreement is a legal file signed between a proprietor and a renter to rent a residential or commercial property. The individual who owns the residential or commercial property is called the property manager and the person who takes the residential or commercial property on rent is called the occupant. A rental agreement is extremely important as it contains all the terms associated with leasing a particular residential or commercial property in written kind. Renting a residential or commercial property without a composed contract is really harmful as it can result in legal problems in the future. An oral rent agreement is not legally permissible so if there is an oral agreement between proprietor and occupant either party can repudiate the arrangement in such case the other party needs to show the content of the agreement which is quite difficult.

A rent agreement is usually prepared by the legal representative with the shared approval of the renter and proprietor, however it should be drawn up with the shared authorization of both celebrations and signed by both celebrations in the presence of 2 witnesses. A composed rental arrangement works as evidence of a mutual agreement between the parties and is admissible as evidence in court and the terms of this arrangement can not be altered without the consent of both celebrations.

KINDS OF RENT AGREEMENT

A lease agreement is typically of 3 types particularly lease agreement, lease agreement, leave and license contract. Among the 3 types of a rental agreement, whichever type of agreement is gotten in into, both celebrations are bound to adhere to its terms and conditions. If the terms of the rental arrangement are broken, the other celebration can go to court to recover its due rights. However, the three kinds of rental arrangements are gone over listed below