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Rental Agreement - Is It Must ?

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Rental Agreement - Is It Must ?

Last updated: October 7 2009
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  • Rental Agreement - Is It Must ?

    Hi, I am Rahul Singh, I am working in State Bank of India as an Astt. Mgr. for quite a time. I am living in Faridabad in a rented flat as tenant. That flat belongs to a friend of mine. When I relocated to that Flat from Delhi, I had an oral tenant agreement with my friend on good faith. But somedays back I came to know about written tenant agreement, which will be full proof.

    So my query is, Is it true that written tenant agreement will be fine and trustworthy? What are the hassles that I have to face to get the agreement done or Is it hasslefree? What are the points that I should check in that agreement or contract? I wonder if entering into a written agreement is more trustworthy in comparison to an oral agreement. Can anybody please furnish me the related information? It will be really nice, if I am provided with some of the handytips to look for in any agreement.

    Thnx in advance....
  • #2

    #2

    Re : Rental Agreement - Is It Must ?

    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
    • Renewable clauses
    • Details of parking space
    • Details of terrace rights
    • Details of society entry charges payable
    The 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.


    Last edited March 23 2007, 03:34 PM.

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    • #3

      #3

      Re : Rental Agreement - Is It Must ?

      Your 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.

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      • #4

        #4

        Re : Rental Agreement - Is It Must ?

        Something for fun ! Funny game of everyone (man like it)

        Do you played that ? =http://is.gd/uMgD]>here<[/url] - its fun!



        --------------------------

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        • #5

          #5

          Re : Rental Agreement - Is It Must ?

          rental agreement - reg

          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.

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          • #6

            #6

            Re : Rental Agreement - Is It Must ?

            If 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?

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