How a rental lease works
Rental lease is an agreement between the lessor and the lesse on various topics pertaining to the use of the property. The rental lease entitles the tenant to use the property within the jurisdiction of the land for his personal use. The tenant may live and enjoy the facility provided in the property without causing any considerable damage or change to the property; the changes such as those due to regular wear and tear are excepted in this agreement of rental lease.
Rental lease in real estate dealing
Rental lease makes it possible for the owner of the property to delineate their demands and duties before any deal is made in reality. This agreement is the basis of what and what not can be done by either the owner or the tenant. The following details can be mentioned in the rental lease:
- The name, address and contact number of the tenant and the owner.
- The location of the property.
- The time for which the property is being rented out.
- The clauses regarding the use, expiry of the lease, etc.
- The rent that has to be paid and the security that has to be deposited.
- The mode of payment of rent.
These are a few important points that have to be mentioned in the rental lease but one could mention any other kinds of contracts that have been agreed upon by the two parties during the finalizing of the deal.