The rental agreement or lease deed is designed for leasing or renting commercial property. The rental agreement is a legal document which lays out the prescribed terms and conditions under which the rented property is leased out that is to be followed between the land lord and the tenant. Though the relationship between the land lord and the tenant is cordial most of the time, it is good to have a written rental agreement in place if the relationship turns sour or becomes fraught with complaints and misunderstandings.The rental agreement must be printed on a Non-Judicial Stamp Paper with a value of Rs.100/- or more. The rental agreement is usually signed on payment of deposit for the rental property between the lessor and the lessee. Two copies of the document are usually executed, with each party retaining one of the original copies.
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