Anyone who wants to stay in a house on rent or get a property on rent, should enter into a rental agreement with the owner of the house/property. The rental agreement is an official agreement entered between the tenant and owner of a property. Tenant is the person who wishes to take temporary possession of the owner's property by paying the rental amount. The tenant can stay/use the property of the owner for the time mentioned in the rental agreement.
A rental agreement, also called a rent deed and lease deed, contains basic details of the residential property, the owner of the property, the renter (or tenant, as he is also called), the term of the rental period, and the amount of the rent for the said term.
The rental or rent agreement is drafted on stamp paper.
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