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Rental Agreement Details
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What is Rent Agreement?
To formalise the home renting process, a tenant and a landlord must put the terms and conditions of the verbal agreement in writing and get the document registered to provide it legal validity. This document is known as the rent agreement or the rental agreement. Note that verbal agreements between the landlord and the tenant have no legal backing. And, in case of any future disputes between the two parties, neither the tenant nor the landlord will be able to approach any legal authority to claim relief, if the rent agreement is not executed and duly registered.
Why is a Rent Agreement Necessary?
It is important to have a rent agreement in place to take care of any disputes that may arise between landlord and tenant, due to varied reasons like:
Tenant subletting the Property
Landlord increasing rent without prior notice
Tenant setting up business in the house premises
Landlord denying returning the security deposit
Tenant damaging the property
Apart from some of the pointers mentioned above, there are many such disagreements that might arise during tenants stay in the property. To take care of all such disputes well in advance, a proper govt-approved rental agreement needs to be in place. Rent agreement is a documented proof for the terms and conditions that have been agreed between the landlord and tenant while renting a property.
An online rent agreement can be created by filling in the owner-tenant-property details, making the payment, and digitally signing the agreement. A PDF of the online rent agreement will be shared with owner and tenant/s after everyone has signed.
Digital Rental Agreement service is available in 18 states and 100+ cities such as Bangalore, Chennai, Delhi, Noida, Hyderabad, Mumbai, Pune, Kolkata etc.
What are the various details that are mentioned in a Rent Agreement?
The various details that are listed in a rent agreement are:
Details of both the parties
Terms of payment
Notice period clause
Lock in period duration
Date of execution of agreement
Purpose of lease: Whether for residential or business purpose
Yearly increment terms
Annexure: Which includes all the list of items in the house like light, bulb, bed, table, etc.
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