Everything You Need to Know about the Rent Agreement
Many individuals leave their hometowns and go to other places in order to study, work, do business, or live a better life. They'll need a place to stay as soon as they arrive in the new city. Because it's difficult to buy a property as soon as you move to a new location, especially in metros, most individuals opt for a rented apartment. However, before renting a home, you should familiarise yourself with the terms and circumstances and sign a rental agreement.
A rent agreement guarantees that you have legal recourse in the event of a dispute with your landlord, which is why the provisions included in the agreement must be carefully read. Here are a few rent agreement terms that must be included in a rent agreement.
Amount of Rent, Security Deposit, and Other Payments
The agreement should explicitly state the amount of rent you must pay each month as well as the due date for payment.
Most landlords need a security deposit, which is typically equal to one or two months' rent. Mention the amount of the security deposit and when it will be refunded in the contract.
The agreement should also clearly state what else the tenant will have to pay apart from the monthly rent like electricity charges along with per unit, water charges, maintenance, etc. Also, it should be mentioned in the rent agreement if there is a separate meter for the connections of utility based on which you need to pay a monthly fixed amount.
Related: What Must you Know Before You Sign a Rent Agreement
Duration of Agreement and Renewal Criteria
Usually, the rent agreement is made for a duration of 11 months and that needs to be renewed after every 11 months. Keeping it more specific, the duration of the rent agreement should be mentioned with the renewal clause.
Also, clarify the lock-in period in the rent agreement during which neither tenant nor landlord can terminate the rent agreement before the completion of the tenure of the rent agreement. The lock-in period should be clearly mentioned in the rent agreement. The date of the rent agreement should be decided by mutual consent of both tenant and landlord.
If the tenant leaves the rented house before the completion of the lock-in period, then the owner has the right to hold the security amount.
Likewise, if the owner wants the tenant to vacate the rented premises then he will have to pay the security amount to the tenant.
It's important to note that the lock-in time differs from the notice period, which usually lasts one or two months. If the notice period is two months, you must provide your landlord a two-month notice if you plan to leave the residence. The notice period, on the other hand, is usually not valid for any party during the lock-in term. When and how the agreement can be renewed, how much the rent will increase at the time of renewal, and whether or not there are provisions for rent re-negotiation should all be specified. Discuss this condition and find out ahead of time how much the renewal brokerage will be and who will pay it.
List of Fittings, Fixtures
The agreement should also include information on the property you are renting, such as the floor or apartment number, the size of the house, the number of rooms, bathrooms, living space, and kitchen, among other things. Make sure there is a list of all the fixtures and fittings, such as beds, sofas, tables, chairs, closets, number of fans, air conditioners, lighting, and so on, if it is a furnished property.
Related: Why Should You Get Your Rent Agreement Registered?
Registration of Agreement
A rent agreement should be registered. Unregistered rent agreements are not regarded as main evidence by the court in the event of a disagreement, and you may be required to submit additional supporting papers to substantiate your position.
You will have to pay stamp duty and a registration fee to register a rental agreement. There should also be clarification on the payment regarding the legal fee, or any other service charges related to it.
If you are looking for a luxurious apartment in Noida extension get it on affordable rent at BivocalBirds. Making it convenient, your document verification is easy on BivocalBirds and we also get your rent agreement e- stamped and signed digitally too through our e- rent agreement feature.