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A rental agreement is a legal document that lays down the prescribed terms and conditions under which a rental property is leased to be followed between the landlord and the tenant.
Although the relationship between landlord and tenant is usually amicable, it is best to have a written tenancy agreement in case the relationship turns sour or is full of complaints and misunderstandings. Rental housing has become huge in a developing country like India.
So, after the Union Cabinet approved the Model Tenancy Act, of 2019, several states in India are currently busy drafting the details of future aligned tenancy policies to boost this housing segment in the country.
According to the central government's draft model tenancy law (all states should base their draft tenancy laws on this law), a tenant must sign a tenancy agreement with the landlord when arranging a tenancy. A rental agreement must contain terms and conditions that are binding on both parties.
This rent agreement or lease deed format can be used by a lessor or lessee of a residential property. Signed by the lessor and lessee to indicate agreement to the terms set by the lessor. It is a legal document that has the force of law that can be referred to by the courts in case of disputes.
The rental agreement must be printed on non-judicial stamp paper of the value of 100/- or above. A rental agreement is usually signed between the landlord and tenant upon payment of a deposit for the rental property. Two copies of the document are usually executed, each party retaining one of the originals.
An ordinary rental agreement contains the following points;
Duration : The period during which the lease is in force. Rent is a payment made by the tenant to the landlord in exchange for the use of the leased property.
Deposits : The amount of any required deposits, the nature of each deposit, and the terms governing its return or change during the rental period.
Condition of Use : The intended use of the property as well as governing the use of its rules and regulations.
Utilities : What the tenant pays and what is included in the rent.
Insurance : This refers to whether the tenant is responsible for property insurance; It is used in business rental agreements.
Repairs and Maintenance : The landlord or tenant is responsible for maintenance and repairs
In India, the tenant also pays a security deposit or advance to the landlord, which must be returned upon termination of the lease. Generally, it ranges from 2 or 3 months to 10 months of rent.
A contract is signed with a security deposit. A portion of the security deposit may be used by the landlord to cover damage to the property by the tenant, including electrical systems, furnishings, and appliances.
At the moment of termination of the contract, the landlord must restore the remaining security deposit to the tenant after deducting the damage amount.
The Registration Act, of 1908 states that a tenancy agreement must be registered in India if it is for more than 12 months. If the term of the rental arrangement is less than 12 or 11 months, there is no need to register the agreement.
In this case, drawing and signing the agreement on stamp paper will be legally valid. If the term of the agreement is less than one year, it must be printed on paper with the stamp of the sub-office registrar of the municipality.
The following documents must be provided by the landlord, tenant, and witnesses to register the tenancy agreement
Following are some clauses that are used in the agreement;
Duration : The period during which the lease is in force
Rent : Rent is the payment made to the landlord for the use of the rented property
Deposits : The amount of any required deposits, the nature of each, and the conditions governing returns or changes after the rental period.
Condition of Use : The intended use of the property as well as the governing the use of its rules and regulations.
Utilities : What the tenant pays and what is part of the rent
Insurance : This refers to whether the tenant is responsible for property insurance: This is frequently used in business rental agreements
Repairs and Maintenance : The landlord or tenant is responsible for keeping the property in good condition.
Nowadays electronic stamp rental agreements are accessible in so many states. Parties are not required to purchase a stamp sheet from the Sub-registrar's office to print the agreement when e-stamping is an option.
They can verify their state offers this service by logging into the website of SHCIL. The parties must print the lease agreement on an e-stamp sheet, be present at the sub-office, sign the registrar's signature, and be registered to be legally and legally binding when the term of the lease agreement exceeds 12 months.
One of the most popular rental agreements in the country is the tenancy agreement for 11 months. This type of contract can be extended after the expiry of its 11-month period. Such contracts do not require registration due to their short length.
Which are usually signed for residential purposes and show a lump sum deposit rather than the payment of rental income, are properly recorded and notarized.
Agreements between a business and a landlord or two companies are known as commercial leases or agreements.
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