Real estate market has always been considered as complex and tricky, with transactions that see parties involved often putting their lifetime’s hard earned money at stake. With several complicated deeds being thrown around, the layman has always been timid about venturing into the legal side of it.
The last few years saw the real estate market undergoing more than a few changes. The Indian Janata is becoming increasingly aware of the law governing deals and transactions. Eventually, the market saw a shift in the very style in which deeds and agreements were drafted.
One of the most common real estate functions, which even simple people like you and me enter into, is renting. In metro cities and cities with high population, renting homes and thereby rental agreements have become a necessity. While everyone agrees that a rental agreement needs to be in place, most do not understand the implications of not having one.
As you may already know, a rental deed is a document drafted and signed by the owner of the premise and the tenant who plans to occupy it. The document, in length, discusses the monthly rent and various other charges. Essentially, this document transfers the right to enjoy a property from its owner, to a tenant, for a fixed period of time and for a fixed amount of money.