ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -NEW DELHI: A rent agreement is a legal document, also known as contract between the landlord (owner of the property) and tenant for a fixed period of time, that contains the pre-discussed norms and conditions under which the tenant has the temporary possession of the property.

Detailed explanation-2: -A rental agreement, also called a rent deed and lease deed, contains basic details of the residential property, the owner of the property, the renter (or tenant, as he is also called), the term of the rental, and the amount of the rent for the said term.

Detailed explanation-3: -Do you know that there are two main types of Rent Agreement-Lease & Licence Agreement and Lease Agreement.

Detailed explanation-4: -A lease is a legal, binding contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the tenant or lessee use of the property and guarantees the property owner or landlord regular payments for a specified period in exchange.

Detailed explanation-5: -The tenancy agreement for real estate is often called a lease, and usually involves specific property rights in real property, as opposed to chattels. A rental agreement is often called a lease, especially when real estate is rented.