A rent agreement is a legal contract that is made between the landlord of the property and the tenant who wishes to live there. Interestingly enough, it is one of the legal documents we don’t pay much attention to, but we should. The agreement is a crucial legal document/contract which includes all the information, terms, conditions and clauses that come along with letting out a property on rent.
While making a rental agreement is commonplace and mandatory, many people moving into a city home for the first time can miss out on some important terms and factors. You must know these terms and conditions as any legal issue arising later can be resolved by looking at the agreement and see if any terms have been breached.
1. Information of the Occupant It is important to have all the names of the occupants in the rental agreement. 2. Duration of the stay This is done to make sure the tenant will vacate as per the decided time and will not illegally try to take possession of the said property. 3. The Amount of Rent The rental amount or instalments you have to pay are very specific. 4. Maintenance Cost The maintenance cost is either the tenant’s or landlord’s responsibility, it varies from property to property.
– Prepare an outline of a rent agreement with the preferable clauses related to rent and security deposit – Get the rental agreement printed on a stamp paper with a assigned value – Get the signature of both the tenant and landlowner on the designated places of the rental agreement – Along with the tenant and landowner, visit the sub- registrar’s office atthe relevant sub localitie – Carry a copy of the passport size photographs and ID cards for individual verification and validation – As soon as the stamp duty is paid, the registration of the rent agreement is completed. The charges typically is about Rs 1100, regardless of the property value or rental amount
Security Deposit: This is a sum of money that the tenant has to pay the landlord as security against any damages or unpaid rent. Rent Payment: The rent payment is usually made in advance, and the due date is mentioned in the rental agreement. Maintenance Charges: The rental agreement should clearly state who is responsible for paying the maintenance charges. Use of Property: The rental agreement should clearly state the purpose for which the property is being rented. Termination Clause: The rental agreement should also specify the notice period required by both parties to terminate the lease.
When a rental agreement is created for a fixed time, all the pre-discussed terms and conditions are mentioned within the format. An 11 months rental agreement format for example, looks like something below, encapsulating everything from who the agreement is executed by, the day on which it is executed, the details of the tenants and landlord, the rent decided, to the purpose of the use of the property as well as the notice period for both tenant and landlord to vacate the premises.
As mentioned before, the registered rent agreement format includes both the details of the tenant and landlord, the terms and conditions of the rental arrangement, as well as the mention of the duration i.e. more than 11 months within the agreement. You will also need to have a notarized signature by the public notary as well as a stamp paper to add credibility to the registration.
Here is a sample of a rental agreement in English, for any reference in the future for your rental needs. You can also find several rooms, house, tenant agreement formats on the internet, for more insight, under names like- house rental agreement in English, pdf or word and so on. Be sure to include the relevant specific details in the blank spaces and ensure they are notarized by a public notary.
The first thing you need to remember when it comes to registering for your rental agreement is Stamp Duty. Stamp duty is a type of property tax, it is necessary to be paid when the property is being used by another person. When you go to buy or rent a house or property, you need to pay stamp duty on the basis of the value of your payment or transaction.
1. The original proof/evidence of ownership of the property in question. 2. Property documents such as tax receipt of the property that will be on the lease. 3. Two passport-sized photographs of each of the parties and one of each of the witnesses present. 4. A copy of the address proof of both parties and witnesses. Passport copy, Aadhar Card copy, Ration Card copy, Bank Passbook or Driving License copy, any one of these can be submitted as the address proof. 5. Route map of the property to be leased out.