It would not be wrong to say that the real estate industry has become one of the most lucrative businesses in the recent past. Many people around the world are turning their heads towards this hugely profitable and low-risk business. One of the most common and attractive business categories of the real estate agency is the property rental business.
What is a rental business?
In this form of business, the asset owned by one party is given for use to another party in return for a specified amount of money. The payment made for the usage is called the rental payment and is mostly paid on a periodic basis. For the rental transaction, there are two parties involved. One is the landlord or owner of the asset while the other is the tenant or occupant.
Need for official tenant rental contract:
The rental agreement or rental contract is a basic requirement for any rental transaction. This is a written document that is legally enforceable by law and contains all the information and terms and conditions related to the transaction. It binds the two parties in such a way that one becomes liable to rent out his or her specified asset while other obligated to pay for the occupation of the same asset. The rental contract template will contain the following information:
- Name and details of the owner of the real estate property
- Name and details of the tenant or occupant
- Detailed information about the Property to be rented
- Rental payment calculation and time period
- Terms and conditions
Format: MS Word