Latest Answer: Some of the legal formalities include specifying specific amount to be paid as an advance and making sure to specify about the re-payment of the advance money. Social responsibilities section has to be briefly mentioned, renting amount is a must to be discussed and also the percentage of increase in the rent in future. Specify the rent payment date in the documents to avoid future arguments and misunderstandings, criteria about the ways of handling the property should be mentioned and also very important thing is to deed an house renting agreement in consultation with an efficient advocate is a must.
