Rental Agreement
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. It consists of components like security deposits, your monthly rent, information regarding the property, like size, address, type and of course the duration of the agreement. It is of utmost importance that you go read carefully the rent agreement, rules and clauses, before signing it.
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. Thus, from the security deposit, duration of the contract, list of fixtures, restrictions, to the allowance of pets, usage of amenities and more, here are a few common yet important terms you must include in a rental agreement.
For the majority of the population who had dealt with properties or rent, it hasn’t always been smooth sailing, there’s always some instance or experience that led to some bumps along the way, this has the possibility of causing friction in the tenant-landlord relationship. That’s why it is important to work on a rental agreement with both parties, to avoid any issues along the way. According to the Registration Act of 1908, the registration of a rent agreement is of crucial importance if the renting period is more than 12 months. The agreement is important for both the person renting and the landlord as it brings about a property’s safeguard for the landlord, as well as protecting the tenants from dealing with any illegitimate demands by the landlord.