If you don't have an own house, you will be very familiar with the rental agreement. A lease agreement or rental agreement is a contract that is signed between the landlord and the tenant. In the rental agreement, the landlord gives the tenant the permission to reside in his residential premises.
Types Of Rental Agreement
There are three types of rental agreement. They are as follows:
11-month lease agreement
This is a short-term contract. This agreement will expire after 11-months. If both the landlord and the tenant wishes to renew the agreement, they can opt for that. This type of rental agreement is preferred as they do not require registration.
Long term lease agreement
As the name implies, the long-term lease agreement is generally for a longer duration. It could be for a year, five years, ten years or above. Long term rental agreement is usually set up for residential purposes.
Commercial lease agreement
When the owner rents the property to the tenant for business purposes, they need a commercial lease agreement. A commercial agreement is established between the landlord and the tenant. The rental agreement can be personalized as per the requirement of the business.
A good rental agreement will protect the rights of both the tenant and the landlord. Before signing the agreement, make sure you read the agreement carefully and that you understand and agree to all the terms and conditions.