In this modern era, the most influential country-India has adopted various aspects to offer its citizen with best services and a great place to live in. The central government has come up with brainstorming ideas to offer budget-friendly options to own or rent a house. In the real estate industry, one of the most used keywords is Rental Agreement. A rent agreement is an important document for those who are thinking of renting a property and for people who are in the mind of renting out their properties. A rent agreement involves various conditions to be fulfilled by the landlord and renter to live hassle-free during the tenure.
Also Read: Everything you should know about BHK
What is the Rent Agreement?
The rent agreement is an official document drafted by either of the parties i.e. Landlord or Tenant and both the parties have to agree to the same. The rent agreement depicts all the conditions and clauses related to the renting of the property during the tenure. A rental agreement can be in form of written, oral, and implied form. However, the essence lies with the written form only as this can be presented and can be used as a piece of evidence in case of any uncertainty.
Importance of Rent Agreement
Rent Agreement, as the name suggests, it is a mutual agreement between the landlord and tenant for legally renting a property. However, sometimes people fail to follow the legal process and therefore get indulged in some unpleasant activities. Thanks to the Rent Agreement, this process helps in legally pushing the process and also maintains the relationship between landlord and tenant. A rent agreement is very helpful when you want to change your aadhaar address, apply for electricity bills, apply for cylinder/LPG booking, and many others.
Types of Rent Agreement
There are two different types of Rent Agreements approved by the Government of India. The two types of rental agreements are given below:
Registered Rent Agreement
This type of rent agreement is mutually agreed upon and signed by both parties involved in the rental process. This rent agreement is scanned with the Government Registrar’s Office. During the process, everything is conducted and regulated by the Sub Registrar’s Office of the concerned region. Also, during the process, the landlord and tenant have to be present at the time of signing the document to process the rent agreement. Now, the rent agreement is publicly accepted and can be further used for legal procedures and other activities.
Notarized Rent Agreement
This type of rent agreement is attested by a public notary. The notary justifies the verification of the licensor and licensee involved in the rental agreement. The notary will then stamp the rent agreement with the official seal. This seal will verify that the document was signed and verified in the presence of the notary.
What is Included in the Rent Agreement Form?
Several things are included in the Rent Agreement Form. All you need is to check the details and make sure everything is fulfilled as per the norms. Below given are the details included in the Rent Agreement Form:
• Tenant’s Information
• Duration of Tenancy
• Rent Amount
• Related Maintenance Costs
• Security Deposit
• Property Amenities
• Exit Clause
• Signature and Date
Documents Required for Rent Agreement
There are a number of documents that need to be presented for filing rent agreement:
Documents for Landlords
• Two passport-sized photos
• Aadhaar card
• Identity proof documents like Driving License, Voter card, or Passport
Documents for Tenants
• Two passport-sized photos
• Aadhaar card
• Identity proof documents such as Driving License, Voter ID, and Passport
• If the tenant is not an Indian citizen, they will have to provide their passport
To make your living go freehand, you must look after all the possibilities that can make your living go free. For this, you must have a rent agreement and that too should be duly signed by both parties. In today’s era, India has adopted the Model Tenancy Act and has implemented it in the best possible way.
