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The Need and Benefits of Creating a Rental Lease Agreement!

Looking to rent out your property? A rental lease agreement is important to be aware of the terms and conditions between a landlord and a tenant.

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The Need and Benefits of Creating a Rental Lease Agreement!

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  1. The Need and Benefits of Creating a Rental Lease Agreement! An estimated 45 per cent of the urban population in the entire world lives in rented spaces. There are many advantages when it comes to residing in a house that is rented. However, as stated by the government in the Modern Tenancy Act, 2015, in the best interest of both the tenant and landlord, there must be a rental lease agreement created and signed by both parties to keep any possible disputes at bay. Do You Know About the Advantages of a Rental Agreement? When you are letting the property to someone on rent, certain types of risks always lurk around associated with the property's ownership or maintenance. This is why it’s always advised to create a rental lease agreement. The agreement helps to maintain a distance from expenses after renting out the property. The standard duration of a rental agreement is 11 months, after which it can be renewed. In case the landlord wants to discontinue the contract, he/she can do it without any legal hassle with prior notice. The Need to Create a Rental Lease Agreement? The rental lease agreement is an authoritative report created between the owner and the occupant. The document incorporates the terms and conditions that need to be followed while staying in the rented property. Any non-compliance from any of the parties can draw legal penalties. Lastly, for a smooth stay without any disruption, a rental lease agreement is necessary. Find your Rental Agreement Form here!

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