An owner or a tenant needs to understand what is a rental agreement before giving any property on lease. A rental agreement which is also known as leave and license agreement, is a type of contract which is usually written between the owner of a property and the tenant who desires to own the property on temporary possession as distinguished in the agreement. Usually, the terms and conditions in the lease agreement are similar it may vary as per the tenants and owners conditions. The registered rent agreement includes the details of the parties, the property, the term of the rental, and the amount of rent for the term. The owner of the property may be referred to as the “lessor” and the tenant as the “lessee”. It is necessary to print the Rental Agreement on the Legal paper, in case it is a notarized agreement then it should be printed on the Rs 300/- stamp paper.
A rental agreement form includes details of landlord, tenant, rent amount duration and rent agreement clauses. One can create the rental agreement from easily on legal docs platform if required complex clauses like notice period, lock-in period, landlord and tenant responsibilities can be added in the basic house rent agreement format. Along with this basic information below mentioned are terms included in the rental agreement format.
✓ The term of the tenant’s occupancy.
✓ The rent amount the tenant will pay.
✓ The amount of the security deposit.
✓ Whether the tenant may have pets.
✓ Whether the parking is available.
✓ Whether the landlord or the tenant pays for utilities.
✓ Whether subletting is allowed.
✓ How many people may live in the rental unit.
✓ The reasons the landlord may enter the unit.
✓ The party responsible for paying the legal fees when a dispute arises.