A rental agreement contains all the terms related to the rent of a House. It is an official agreement between the tenant and owner of a property. It is a legally binding contract outlining the terms and conditions of renting a property. It is drafted on stamp paper. It establishes perfect mutual expectations. It can be called a rent deed, or lease deed. It is essential for both tenants and owners. This rental agreement is prepared with all the terms of the rent. The rent agreement is mandatory if the agreement is 12 months or more. The tenant can live in the property for the time mentioned in the agreement. House owners and tenants must follow the terms mentioned in the agreement. The contents of this agreement vary from place to place. Security deposit is the amount collected from the tenant signing the contract. The landlord can use part of the security deposit to recover losses/damages. Mainly damages caused to the furniture, appliances, electrical, or property by the tenant. And return the remainder of the deposit to the tenant at the time of cancellation or termination of the contract.
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