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Rental Agreement is very important for landlord and tenant. In a rental agreement, there is a clear definition of responsibility and responsibilities each party has in the relationship.
What's the Difference Between a Lease and a Rent?
The term "rent" refers to the regular payment of tenancy that expires after a month and is automatically renewed at the end of that month. On the other hand, a lease is the handover of land or property to someone else for a set period of time.
A Rental Agreement is a document that describes the conditions under which a tenant rents from a landlord a residential or commercial property. In a rental agreement, the landlord rents the property out for a monthly payment to the tenant.
A month-to-month rental agreement (also known as a rental agreement at will) This agreement allows the landlord and the tenant to make an agreement on the property, and the rent can be terminated at any time with thirty (30) days’ notice.
If you want to rent the property to the tenant or rent it from the landlord, you must draw up rent or rent agreement in the right format. When landlords and tenants sign a rental agreement, it becomes legally binding with an end date. One of the most important things that you need to be clear to your tenants or ask the landlord about is that you are not responsible for the condition of some services unless you have been told in advance. Furthermore, you must ensure that you are familiar with the laws and rules.
A monthly or yearly rental agreement is also known as a rental agreement as it binds both tenant and landlord to the agreement and can be amended with thirty (30) days’ notice. The deposit can be refunded upon expiry of the rental agreement, or the landlord can be obliged to return the deposit (a common term in the rental world) to the tenant at no cost or damage.
Types of Rental Agreements That Are Commonly Used
- Tenancy Agreement for 11 Months – One of the most generally used rental agreements in the nation. This sort of contract lasts roughly 11 months and can be renewed at the end of the period. Due to the short length of such agreements, registration is usually not required.
- Long Term Lease – Signed mostly for residential needs, long-term leases involve a lump sum payment rather than a monthly rent payment and properly recorded and notarized
- Lease of a Commercial Property - Commercial leases or agreements are deeds that are signed for business purposes between landlords and businesses or between two enterprises. They have no defined format.
Download Rental Agreement Format in PDF or Word
This Rent Agreement is made on this__________(date of rent agreement) by ________________ (name of the landlord) S/o _______________ (father’s name of the landlord), Add: _____________ (residential address of the landlord). Herein after called the Lessor / Owner, Party of the first part
_____________________________ (Name of the Tenant), called to as the Lessee/Tenant, Party of the Other Part.
WHEREAS the Lessor is the lawful owner of, and otherwise well sufficiently entitled to [Lease Property Address Line 1, City, State, Pin Code] falling in the category, [Independent House / Apartment /Residential Property] and has agreed to let out the Two Room, Two Toilet & Bathroom Set on said property, to the Lessee/Tenant
1. That the Tenant/Lessee shall pay as the monthly rent of RS. _________/- (In words) per month, excluding electricity and water charge or tenant shall pay the Electricity Charges as per the proportionate consumption of the meter to the Lessor /Owner or concerned authorities
3. That the tenant/lessee shall comply with all the bye-laws, rules, and regulations of the local authorities in respect of the deceased premises and shall not do any illegal activity in the said deceased premises.
4. That this Lease is granted for a period of Eleven (11) months only and this lease can be extended further by both parties with their mutual consent on the basis of prevailing rental value in the market.
In WITNESS WHEREOF the lessor/Owner and the Tenant / Lessee have hereunto subscribed their hand at ______ (place) on this the _____________ (date of rent agreement) year first above Mentioned in presents of the following Witnesses