Have you ever thought that Why we make a Rental Agreement for 11 months or Why does the tenant get to occupy the property for 11 months?
Today in this Blog we will discuss the reason for it.
Before proceeding Let’s have a quick Introduction of the meaning of Rental Agreement.
What is Rental Agreement?
A rental agreement is an agreement between the Owner and Tenant on which they mutually agree on. The Rental of the property and other terms and conditions. Terms and Conditions can be like Clause for Water and Electricity and many more.
Also Read, What if Rent Agreement is Expired?
Why do we create Rent Agreement for 11 months only?
Rental Agreement for 11 months, made to avoid the Strict Rental Law which applies for the Lease up to 12 months that is why the One Month in the count of 12 months had considered as the month of Notice Period Serving by the Owner and after the expiration, they also gets the option to renew the Rental Agreement by making the new Rental Agreement and by giving the Stamp Duty again for the Instrument to the Government.
While making the Rental Agreement for 11 months both Owner as well as Tenant enjoy the benefits like-
- The tenant can opt for leaving the Rented property anytime before the termination of the Agreement.
- Owner revises the Rent for the Rental Property by 10% periodically after the completion of the duration of 11 months at the time of Renewal of Rental Agreement.
“So it is beneficial for both the parties in different aspects”
Also, it’s not important to enter the Rented property for 11 months, it’s the complete choice of the Owner and Tenant and can mutually act as a decision-maker keeping in mind their losses and benefits that for how much period the premises will be on the lease.
And yes, the Tenant can also set the Rules and regulations while furnishing the Rental Agreement, So it is always recommended to furnish the Rental Agreement wisely.
Also Read, Is Rent Agreement Mandatory For HRA?
Why eDrafter To Get Rental Agreement Online?
We provide the fully drafted rental agreement including the important terms and also customers can freely ask us to modify the terms. We provide service at the doorstep in which simply what you have to do is provide us your details by filling up the form (designed securely to capture your data), place the order, and we will quickly draft your Rental Agreement along with the prescribed e-stamp paper and deliver it to you at your choice of the delivery address.
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