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Rent Agreement
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What exactly is a Rent agreement?
A rent agreement is a document that defines the terms and conditions of a lease / tenancy, which includes and determine the rights, duties and obligations of the landlord and the tenant and various other aspects related to leasing / renting of property.
A rent agreement of residential properties may be used for leasing / renting out, for example a bungalow, dwelling house, flat, room, builder floor, etc.
Rent agreement is also referred by different names such as:
- Lease Agreement
- Rental Agreement
- Tenancy agreement
- Leave & license Agreement
Why is a Rent Agreement important?
For the landlord
Landlord can claim compensation for any damage caused to the residential property or to the fittings / fixtures or items attached or included in the property. Can claim interest on delayed monthly rentals payment. Can adjust Security Deposit on account of any damage or towards any arrears of monthly rent. Enforce such other terms and conditions as agreed under the rent agreement.
For the tenant
In the absence of a Rent Agreement, the landlord may be able to remove the tenant with or without giving any written or verbal notice. Landlord may not return or forfeit the Security Deposit. In the absence of a duly executed Rent Agreement it could be a challenge for the tenant to enforce his legal rights under the rent agreement, including the right to contest any case for eviction filed by landlord in court or file any claims against the landlord. The tenant can protect his rights under a rent agreement.
How To Make It Enforceable And Legally Valid?
When you’re prepared to print the document, make sure it is error-free by following the checklist provided below.
- Make sure that property details are correct, including the name and details of Landlord and Tenant.
- Make sure the signatures of the landlord and the tenant appear at the bottom of each page and at the end of the agreement.
- The names and addresses of the Witnesses must be mentioned along with their signatures.
- Please do separately attach the details or the list of fixtures & fittings provided or made available with the property.
- Please note, that where the period of Rent Agreement is above 11 months, please do get the rent agreement duly stamped and registered in court, as it compulsory in law.
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