A rental agreement is a contract, usually written, between the owner of a property and a renter who desires to have temporary possession of the property as distinguished from a lease which is more typical for a fixed term. As a minimum, the agreement identifies the parties, the property, the term of the rental, and the amount of rent for the term. The owner of the property may be referred to as the lessor and the renter as the lessee.
Understanding the nature of the transaction
Drafting of the rental agreement
Helps in investment and loans
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