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Rental Agreement - An Overview
The rental contract,or rental agreement, is an official document printed on a stamp paper. In India, there are two main kinds of rental agreements, one of which is a lease with a minimum term of 12 months. Rent control regulations adopted by the state govern these transactions. The other kind is a lease and license contract that lasts up to 11 months and is exempt from rent control laws.
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Contents of a Rental Agreement
Familiar contents of a rental agreement include:
Clauses Included in a Rent Agreement
Duration
The period of time that the lease will be in effect. The sum of money that a tenant pays a landlord in return for the use of a rented property is known as rent.
Deposits
The sum of any deposits required, the type of each deposit, and the conditions controlling each deposit's return or change when the rental period is finished.
Terms of Use
The intended use of the property as well as the regulations and laws that apply to it.
Utilities
Which utilities are paid for by the renter and which are included in the rent.
Insurance
This relates to whether or not the renter is in charge of property insurance; business rental agreements are where it is most frequently used.
Repairs and maintenance
Landlord or tenant is liable for the upkeep and repairs of the property.
Security Deposits
In India, the tenant also provides a security deposit or advance to the landlord, which must be returned at the end of the lease. Rent for two or three months, or up to ten months, is typical.
The contract and security deposit are both signed. A portion of the security deposit may be used by the landlord to pay for any harm the tenant causes to the house, including harm to the electrical system, furniture, and appliances. At the moment of contract termination, the landlord shall, after subtracting the cost of any damages, pay to the tenant the balance of the security deposit.
Rental Agreement Format
A rental agreement format or a lease agreement template provides a structured template for formalising the terms between a landlord and tenant. It typically includes essential details such as the property address, lease term, rent amount, security deposit conditions, and responsibilities for utilities and maintenance. Below provided is a free rental agreement template:
This Rental Agreement is executed at [PLACE] on this [Date] day of [Month], [Year], by and between:
1. Owner:
Name: [Name of the Owner]
Father’s Name: [Father’s Name of the Owner]
Permanent Address: [Permanent Address of the Owner]
(hereinafter jointly and severally called the “OWNER,” which expression shall include their heirs, legal representatives, successors, and assigns) of the ONE PART:
2. Tenant:
Name: [Name of the Tenant]
Father’s Name: [Father’s Name of the Tenant]
Occupation: [Working/Studying at] [Address of the Office/Studying Institution]
Permanent Address: [Complete Permanent Address of the Tenant]
(hereinafter called the “TENANT,” which expression shall include its legal representatives, successors, and assigns) of the OTHER PART.
WHEREAS the Owner is the absolute owner of the property situated at [Complete Address of the Rented Property] as detailed in Annexure-I, hereinafter referred to as the "Demised Premises".
WHEREAS the Tenant has requested the Owner to grant rental of the Schedule Premises, and the Owner has agreed to rent out to the Tenant the Property with two-wheeler and four-wheeler parking space in the ground floor for residential purposes only, on the following terms and conditions:
NOW THIS DEED WITNESSETH AS FOLLOWS:
Clause 1
Clause 2
Clause 3
The property located at [Complete Address] consists of:
Number of Bedrooms: [Number of Bedrooms]
Living Room
Family Lounge
Kitchen
Servant Room
Inbuilt Fittings & Fixtures
Inventory:
Fans: [Number of Fans]
CFL Lights: [Number of CFL Lights]
Geysers: [Number of Geysers]
Mirrors: [Number of Mirrors]
IN WITNESS WHEREOF, both parties agree and sign this agreement on this [Day] day of [Month], [Year].
WITNESSES:
1. Name of the Witness: [Name of the Witness]
Signature: _________________________
Address: [Address of the Witness]
2. Name of the Witness: [Name of the Witness]
Signature: _________________________
Address: [Address of the Witness]
Note: This rental agreement template offers a pre-designed layout that can be customised to fit specific needs, ensuring all key aspects are covered. For convenience, a rental agreement Word format can be used to create and edit the document easily, allowing for adjustments and personalisation as required by both parties. Click here to download a rental agreement pdf.
Steps to Execute a Valid Rental Agreement
If a rent agreement is in place for a duration greater than 12 months, it must be registered in accordance with the Registration Act of 1908. However, it is not necessary to register the rental agreement if the duration is less than 12 or 11 months. In this case, a paper contract that is written, signed, and sealed with a stamp will do.
If the period of the agreement is less than a year, the rental agreement must be published on stamp paper acquired from the sub-registrar office of the location where the property is found. By clicking the ‘Accept’ button, you may download the prototype rental agreement that requires it to be printed on stamp paper.
Once the rental agreement has been printed on the stamped paper, each page shall bear the signatures of the owner and tenant. To be legally binding, the agreement must have two witnesses sign it and provide their names and addresses.
If the rental agreement is for a time of 12 months or longer, it must be published on stamp paper and reported with the sub-office registrar of the area where the leased possessions is situated. The lease must be signed in person at the registrar's office by the owner and the tenant. They are required to sign the contract in front of the registrar at the bottom of each page that is printed on stamp paper.
Documents Required for Registration of Rental Agreement
For the rental agreement to be registered, the landlord, renter, and witnesses must provide the following documents in proclamation:
A demonstration or proof that the leased property is owned (title deeds of the property having the name of the landlord)
Property documents, such as the tax permit for the rental property
The witnesses and each party's passport-sized pictures
Address the witnesses' and both parties' proof (Passport, Aadhar card, Ration card, Bank passbook or driving license)
Clear diagram for the rental property.
E-Stamping of Rental Agreement
The capacity to E-stamping rental agreements is available in various states. The parties are not required to buy stamp paper from the sub-registrar office in order to publish the rental agreement when e-stamping is an opportunity. If they want to know if their state offers this service, they can consult the Stock Holding Corporation of India Ltd (SHCIL) website.
Currently, electronic stamping of rental agreements is permitted in Assam, Himachal Pradesh, Gujarat, Karnataka, Delhi-NCR, Maharashtra, Uttarakhand, Tamil Nadu, and Uttar Pradesh. However, it is not possible to buy e-stamp paper directly from the SHCIL website.
They must purchase it at the approved sites in their respective cities if the state where the parties reside supplies electronic stamp paper. After purchasing the e-stamp paper, the rental agreement must be printed on it. The signatures of the parties and the witnesses will render the agreement valid and enforceable once it has been in effect for 11 months.
The parties must print the rental agreement on the e-stamp paper, attend to the Sub-office, Registrar's sign it, and have it registered in order for it to be legitimate and lawfully binding on them when the rental agreement's phrase is longer than 12 months.
Why Vakilsearch ?
The rental agreement outlines a simple way for you to evict them as well as their obligations if they don't depart on their own. Vakilsearch's major goal is to make all governmental procedures simple and hassle-free for the general people. Make sure to call our specialists if you have any questions about rental agreements. You'll receive detailed instructions on how to obtain a leasing agreement from our team of legal professionals. Take a slot right immediately and get all of your questions answered.
Frequently Asked Questions (FAQs)
To be legally binding, the rental agreement must be printed on stamp paper with the correct stamp value in accordance with the applicable State's Stamp Act.
No. The rental agreement need not be notarised in India. The rental agreement's lawful standing and parties' obligations are inaugurated by its registration alone.
The actual copy of the lease is maintained by the property's landlord. However, it is preferable if the renter also receives a copy of the rental agreement because it facilitates the tenant to study the clauses of the agreement in the circumstance of a conflict.
It is not essential to register a lease that is just for 11 months or less. Simply by having the signatures of the landlord, tenant, and witnesses on stamp paper, the rental agreement is valid and binding between the parties. To bypass the registration process, rental agreements are initially made for 11 months and then extended for an additional 11 months.
Yes, often, a one to three month notice period is required to terminate a rental agreement. The renter may leave or be asked to leave after the period of the rental agreement expires if any party decides to end it. the duration of the notice of termination. However, it is important to provide the termination notice for leaving the property before the rental agreement expires. When leaving the property on the date the agreement expires, there is no need to give a termination notice.
