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Rental Agreement
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RENTAL AGREEMENT
WHAT IS A RENTAL AGREEMENT?
A rent agreement is a contract between a landlord and a tenant that specifies the parameters of the tenancy, including the length of the lease, the monthly rent, the terms and conditions, and the obligations of both parties. The landlord and the renter can save time and hassle by having a rent agreement. For the landlord, the agreement guarantees that the rent will be paid on time and that the tenant will maintain the property. For the tenant, it ensures that the landlord won’t change the lease terms at their discretion or ask you to leave the property.
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TERMS & CONDITIONS
TERMS & CONDITIONS CONSIDERED IN A RENTAL AGREEMENT
A rental agreement should contain the following terms and conditions, among others:
One of the dos and don’ts while drafting a rental agreement is the Security Amount that the owner requests the tenant to pay. This amount is refunded when the tenant vacates the property and can also be resolved if any damages are done to the rented property.
Remember to include each adult tenant’s name while preparing the rental agreement and have them sign the document. Each tenant will be required to strictly abide by the rules established for the rented property as a result of this act.
The residence should only be used by the tenants who are included in the tenancy agreement and by their children, according to the limit on occupancy that should be established. This will give the owner assurance regarding how their property is being used and keep away unauthorized occupants.
The length of the tenancy should be expressly indicated in the agreement.
It is usually advised to clearly specify who will be responsible for what and what the landlord will be responsible for. There should also be a period of time when the owner is given a maintenance or major repair allowance within the rented property.
The Agreement should stipulate that the tenant is responsible for paying the water and electricity bill and must present a receipt upon request.
The last but most crucial clause in the agreement should explicitly state the amount of rent that must be paid each month, the consequences if the renter fails to pay the rent on time, and how the rent will be accepted.
DOCUMENTS REQUIRED
DOCUMENTS REQUIRED FOR A RENTAL AGREEMENT
- Two Passport Size Photographs.
- Identity Proof of Owner and Tenant.
- Two Witnesses with their Identity Proof.
TYPES
RENTAL AGREEMENT TYPES
11-month Rental Agreement
The normal rental period is 11 months, with an option to extend at the conclusion of the eleventh month. Monthly rent is due from the tenant. In addition, the costs for power and water must be paid. Moreover, the cleaning and upkeep of communal areas and the property are subject to maintenance fees.
Lease for Commercial Rental
When renting out commercial properties, the registration and Stamp Duty procedures are the same as for residential properties. Similar to rental arrangements, commercial leases must be registered and are subject to the same Stamp Duty fees.
Rental Agreement for a House
Before beginning any house rental, a properly written rental agreement should already be in place.
Rental Agreement for a Room
The room agreement is very similar to the usual rental agreement, but there are a few minor distinctions because the landlord only rents one room in the house.
Long-Term Lease Agreement
Long-term leases for a set number of years are another popular rental option. The tenant is not required to pay rent every month. The owner is required to give the tenant their rental money back at the end of the lease term. The tenant is responsible for routinely covering the costs of electricity, water, and maintenance. On the leasing sum, no interest is paid.
Rental Agreement for a Flat
When someone wants to rent out just one apartment in a complex rather than the entire building, they employ the flat rental agreement. Such rental agreements must be carefully prepared, including provisions for residents’ association regulations and access rights to shared facilities.
Business Office Agreement
A commercial office lease is a leasing arrangement that can be used by any person, firm, or owner who wants to rent out a space to use as an office.
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