Rent Agreements

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What is Rent Agreement?

A rent agreement is a document that is signed between a landlord and a tenant to initiate and govern a tenancy. Rent agreements mention every detail about the two parties, i.e., the landlord and the renter, and the terms and conditions of the tenancy. Both parties have to follow the rules mentioned in the rent agreement.

A rent agreement can be of two types: a lease agreement or a license agreement. A lease agreement is a contract that gives the tenant the right to possess and use the property for a fixed period of time, usually 12 months or more. A license agreement is a contract that gives the tenant the permission to occupy and use the property for a short period of time, usually 11 months or less.

Why should be the duration of a rent agreement?

Typically, most agreements are signed for a duration of 11 months to evade stamp duty and other associated charges. According to the Registration Act of 1908, it’s mandatory to register a lease agreement if the lease term exceeds 12 months. Upon registration, stamp duty and a registration fee are payable

Common terms found in a rental agreement include :

Duration: This refers to the effective period of the agreement. Rent: This is the payment made by the tenant to the landlord for the property.

Lock-in Period: During this period, neither party can terminate the agreement. It ensures that neither party backs out after the agreement is issued, causing loss to the other. This period must be specified in the agreement.

Deposits: A deposit amount is required for the rental agreement. The agreement mentions the purpose of the deposit and conditions for its return after the rental period ends.

Terms of Use: These are conditions regarding the purpose of renting and usage of the property.

Utilities: These include utilities included in the rent and those for which the tenant is responsible.

Insurance: This term, often used in commercial rental agreements, specifies if the tenant is required to insure the property.

Repairs and Maintenance: This term specifies which party, landlord or tenant, is responsible for repairs and maintenance of the property.

A rent agreement usually contains the following information :

Names of the landlord and tenant and/or their agents.
Description of the property.
Amount of rent and due dates for payment, grace period, late charges.
Mode of rent payment.
Methods to terminate the agreement prior to the expiration date and charges if any.
Amount of security deposit and the account where it is held.

Facilities in the premises which the tenant is entitled to use such as swimming pool, security systems etc.
Rules and regulations such as pet rules, noise rules and the penalty for violation.
Identification of parking available, including designated parking spaces, if provided.
How tenant repair requests are handled and procedures for emergency requests

A rent agreement is a legal document that protects the rights and interests of both the landlord and the tenant. It also helps to prevent any disputes or misunderstandings that might arise during the tenancy. Therefore, it is advisable to have a rent agreement in place before renting out a property.

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