How the rent agreement works
The rent agreement is a legal document which states the relationship between landlord and the tenant to comply with the conditions which they both are agreed on. It is an important document which sort out the differences at the time of dispute between both the parties.
One must consider the following points before finalising the agreement, and must know what are tenant fee or the rent guarantee.
- Name, address, name of father of the parties must be clearly mentioned in the agreement.
- There should be verification which states that the lessor is the real owner under the eyes of law of the property and the person who is living in the house i.e. tenant is living with the permission of owner and a legal person authorised by court has to enter into such a contract.
- The rent which is being charges should be clearly mentioned and should specify if the maintenance fee is included in the amount or not. The quantum of increase in rent and the date on which payment is to be paid must be clearly mentioned. The mode of payment and the date of payment must also be mentioned. If there is any interest to be charged in case of delayed payment that must also be stated clearly.
- The tenancy period must be mentioned. The security deposit and the lock-in period is also important. The refundable amount must also be mentioned and if it is adjusted in the rent should be mentioned clearly.
- The water, electricity bill is paid by which party must be written.
- The purpose of tenancy should also be written – whether it is being used for commercial or residential purpose.
- The process for premature termination of the lease.