Rent Agreement

Rent Agreement

• A house rent agreement is a judicial contract which calls for owner to be paid by the user for temporary usage of a house or room
• On rent agreement stamp paper, asset is termed as tangible property
• It is mentioned on rent agreement form that tenant and user pays rental flat amount against usage of room/flat/house and landlord pays all taxes n duties imposed on property
• Property can be used for housing, storage, parking, business, institutional etc as mentioned on rent agreement stamp paper

Necessity of Rent Agreement

• Tenant:
  1. To house or do business, tenant can do the desired activity and pay the agreed rent
  2. It is mentioned on  rent agreement form that tenant can carry out his activity till a specific period
  3. The area of usage is mentioned on rent agreement form
  4. All what is permissible to do by tenant, is mentioned on rent agreement stamp paper
• Landlord:
  1. Legally, landlord gets appropriate rent as mentioned on rent agreement form
  2. Landlord has all the right to interrupt the tenant in case any activity goes beyond conditions mentioned with rent agreement stamp paper
  3. Address, contact and father’s name of tenant is narrated on rent agreement form

Advantage of Rent Agreement

• For landlord, a new rental agreement can be made to increase the rent after completion of tenure
• For tenant, he can leave the house after completion of tenure
• Increase in rent is generally mentioned on the rental agreement
• A rental agreement defines the liability of tenant as well as landlord toward the assets
• it declares conditions regarding failure to pay rents
• It states conditions regarding assets impaired by tenants
• It mentions conditions regarding assets requiring repair by landlord

Rent Agreement Stamp Paper

• On stamp paper of relevant value, rent agreement is made
• Stamp paper is purchased against the name of any of two parties
• Both parties bear it equally
• Rental agreement on stamp paper covers following points
  1. Due date:- Date to pay rent by tenant as well as the date when it is considered as late payment
  2. Number of things:- Things that landlord allow the tenant to make use of
  3. Right of entrance:- Date and time when property is given for use to tenant
  4. Policies:- Such as pets allowed/disallowed, vehicle parking, loud music etc.
  5. Notice period:- Landlord should be given a notice period by tenant before leaving the property
  6. Garbage:- It mentions about place for garbage to keep
  7. Restoration:- It states the repair, plumbing and painting of the property