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- Yes....rental agreement is a must
Yes, Rental Agreement in surely a must. I'd like to put in quotes for you the reply to your query posted in the 'Rental Trends' section of the forum.
Major aspects of rent agreement
In case you are giving your home on rent or taking a home on rent, the rent agreement plays a pivotal role in determining the rights of the owner and tenant.
The rent agreement, entered into between the owner and the tenant, is the agreement that contains the terms and conditions subject to which the property has been leased by the owner to the tenant.
Before entering into a lease agreement, the tenant should ensure that the owner has proper title of the property. The owner should either be the owner of the property or an authorized power of attorney holder. The agreement should be signed by the owner himself or his duly authorized power of attorney.
Common clauses contained in a rent agreement are related to:
Details of the owner and the tenant and their addresses
Details of property leased - its location and identification details
Declaration by the owner that he is either the owner of the property or is duly authorized by the owner to give the property on lease
The effective date of commencement of the rent agreement and duration
Term of the lease
The lease rent and the mode of payment
Security deposit amount paid, and whether it is interest-free or not and the circumstances when it is refundable
Advance rent payable, if any, and the mode of its adjustment
Rent increment clause
When the rent can be increased and at what rates
Facilities to be included in the rent
Who has access to the common area, garden area etc
Payment of municipal dues, property and house taxes
Maintenance charges to be paid to the society
Routine repair and maintenance expenses of the house
Fixtures and fittings to be provided by the owner or not
Grounds of termination of the agreement
Notice period required for termination of the lease
Registration expenses of lease deed
Details of parking space
Details of terrace rights
Details of society entry charges payableThe other terms would depend upon the commercial terms which have been agreed to between the parties . Under the Registration Act, leases of property of more than one year need to be registered. The stamp duty payable depends on the rates prevailing in the respective States.CommentQuote0FlagYour rental agreemnet is your savior
I agree with Sonia. If you don't want to have any nasty surprises by your landlord, then regard your rental agreement as one of your precious documents. The same piece of advice is for landlords as well. :)CommentQuote0FlagSomething for fun ! Funny game of everyone (man like it)
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yes, rental agreement is must as per law if the rent per the month is exceeds 1000 rupees rental agreement is must it has to be registered in concern registrar office if the rental agreement is not registered before court of law it is some difficult to face the land lord. O.K.CommentQuote0FlagIf the rental agreement is not registered it means it doesn't have any value? Please share your answers.
Because my landlord has simply drafted the agreement and got my signature however he hasn't registered. So what ever written in that agreement his false?CommentQuote0Flag