What is a Rent Deed?

A contract of rental which is written between the owner of a property and a renter ho wishes to have the possession of the property for a temporary basis is known as a Rent Agreement or Deed. It is different from a Lease Deed, which is basically made for a fixed term.

Rent Agreement includes and identifies the parties, the term of rental, the property, and the amount of rent for the term. The term Lessor is referred to as the owner of the property and the Lessee is referred to the renter. It is basically a clear-cut, oblique, or prescribed rental agreement involved to specify the terms of the rental and is regulated under the Contract law.

Rental Agreements are made for letting out some properties for example real state, for housing tenure (residence rent), sometimes a parking space for vehicles is also rented, godowns or storage space, agricultural, institutional purpose, or for Government use etc. This primarily focusses on Rent Deed Agreement and its benefits.

How Rent Deed Agreement is beneficial?

Ten reasons are enlisted why Rent Deed Agreement is beneficial:

1. It helps minimize the conflicts between a renter and the owner. If you have paid for the property in advance make sure you have the agreement so that it acts as a proof of your payments.
2. It helps the renter to be safe from paying damages which were there earlier before the time of the rental agreement. Make sure you enlist these damages in the agreement so that you don’t have to pay for them.
3. Rent Deed also acts as an address proof as it makes sure that you are staying at the same address as mentioned in the agreement.
4. Rent Deed helps in getting loans from any Bank as it acts as an address proof and is a stronger document for address proof compared to others.
5. Registration of a vehicle is also done with the help of Rental Agreement as it is mandatory to have according to RTO.
6. It also helps in investments and loans when you are investing in a property or lending money to someone you can demand a rent deed as one of the proof and ensures that the borrower in under the agreement of laws.
7. Rent Deed also acts as an identity proof as we know we have to provide some Government approved ID to register anywhere. Rent deed also acts as ID proof in many places.
8. Some Transport Corporations also ask if you have a rent agreement if you are applying for a daily or monthly pass.
9. It also helps in getting a new Gas connection from government agencies such as Bharat Gas or Indian Gas.
10. If you have a Rent Deed getting a Passport also becomes easy for Police verification.

How to get a Rent Deed?
Preparing a Rent Deed needs a few steps to be followed:

Step-1:  First you need to draft your Rental Agreement by adding your details and appropriate clauses

Step-2: Print it on stamp papers of recommended value after reviewing the draft.

Step-3: No you need the signature of both renter and the owner on the designated places with signatures of two witnesses

Step-4: The last step is that you need to register the Rent Deed in the local Sub-Registrar Office.

How can we help you?

Online Legal India™ for the best service experience and be a part of more than 1 million satisfied customers that have served. Online Legal India™ can help you draft your Rent Deed Agreement. We have 10+ years of CA/CS who be dedicated guide you accordingly and in a very short time, you would have your Rent Deed Agreement.

You can also go through our other legal services as sending a Legal Notice, drafting a Divorce Notice we also deal with Company Registration, ITR Filing, Consumer Compliant and many more.