Repairs and maintenance: Party responsible for repairs and maintenance of the property – landlord or tenant.Insurance: Whether the tenant is required to insure the property – this is most often used in commercial rental agreements.Utilities: Which utilities are included in the rent, and which utilities the tenant is responsible for.Terms of use: The purpose for which the property is to be used and terms and conditions regarding the usage of the property.Deposits: The amount of deposit required (if any), the purpose of each deposit, and conditions for return or adjustment of deposit at the end of the rent period.Rent : The consideration amount or payment made by the tenant to the landlord in exchange for the property rented out.Duration: Period for which the rental agreement will be in effect.Terms commonly included in a Rent agreement How tenant repair requests are handled and procedures for emergency requests.Identification of parking available, including designated parking spaces, if provided.Rules and regulations such as pet rules, noise rules and the penalty for violation.Facilities in the premises which the tenant is entitled to use such as swimming pool, security systems etc.Utilities furnished by the landlord and, if the landlord charges for such utilities, how the charge will be determined.Amount of security deposit and the account where it is held.Methods to terminate the agreement prior to the expiration date and charges if any.The person responsible for the payment of any other amount such as property tax, TDS (if applicable), property repair changes, society/flat maintenance changes, water bill, electricity bill, etc.Amount of rent and due dates for payment, grace period, late charges.Names of the landlord and tenant and/or their agents.However, the usual contents of a rental agreement include: The contents of a rental agreement varies from place to place. The other type is a lease and license agreement of up to 11 months which doesn’t fall under the Rent Control Laws. This is governed under Rent Control Laws put up by the State government. There are 2 types of rental contracts in India, one being a lease agreement that lasts for a minimum of 12 months. The rental agreement or rental contract is drafted on a stamp paper. The tenant can stay/use the property of the owner for the time mentioned in the rental agreement.Ī 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 period, and the amount of the rent for the said term. Tenant is the person who wishes to take temporary possession of the owner's property by paying the rental amount. The rental agreement is an official contract entered between the tenant and owner of a property. Anyone who wants to stay in a house on rent or get a property rent, should enter into a rental agreement with the owner of the house/property.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |