Why should landlords and tenants opt for online rental agreements?


Discussed are the merits of an online rental agreement, a legal document that must be signed between the tenant and the landlord to safeguard the tenancy and the interests of both parties

Over the past decade, the world around us has undergone a sea change. Life has become much easier in many ways, owing to the advent of technology in all spheres of life, in effect saving a great deal of effort, money and resources. This change has also made a dramatic difference in the way houses are rented. Not only can a renter find a host of virtual mediums to select their next pad, one can also engage the same online platforms to ensure that the transition is as simple as, say, ordering a pizza. It is in this context that we discuss the merits of online rental agreements, a legal document that must be signed between the tenant and the landlord to safeguard the tenancy and the interests of both parties.

 

Target audience: Tech-savvy millennials

As a general phenomenon, most people looking for rented homes are young, millennials, who, with their asset-light approach, prefer renting to property ownership. This generation relies heavily on virtual mediums through the day – they order food online, get their laundry done by placing online orders, shop for groceries and fashion using online mediums and pay all their bills through virtual channels. To put it succinctly, if you are chasing the millennials, they are to be found online.

It is, then, only natural to use online tools to make the entire house renting exercise less cumbersome. It is also pertinent to mention that drafting a rental agreement offline could be a much harder task – for any minor error or any human error, you will have to get the entire document retyped. The same is not true when you opt for a rent agreement online. Companies that provide these facilities have in place teams that help you draft customised and error-free rent agreements.

 

Online rental agreements offer better storage

When you have physical copies of a legal document, it is easy to lose them, unless you are extremely careful with its upkeep. The same is, however, not true of online records. In case of an online rental agreement, you can access the document anytime you like through your email. You do not have to worry about finding the document from a thick pile of other important papers when you go for renewal. That brings us to our next point.

See also: Everything you need to know about rent agreements

 

Easy renewal of the rent agreement

In the residential segment, rent agreements are typically signed for a period of 11 months and they have to be renewed after this period, for the tenancy to get a legal renewal. In case of online rental agreements, the parties involved are intimated well in advance and have the option to extend the tenancy on the pre-agreed terms.

 

Go green with online rental agreements

Apart from improving the chances of your property to get a tenant quicker, going for online rental agreements also means you are helping save the environment by wasting less paper. In a highly polluted country like India, this could go a long way in encouraging an eco-friendly practice.

Check out rent agreements and a host of other services on Housing Edge.

 

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