When you decide to put a property on rent or you’ve lived in a rented property, you must have signed an agreement of rent. Some of you all wondering why...
In our daily lives, we come across many situations where we rent our property or take someone’s property on rent. There are various places where we need to provide address proof of our identity and place of residence. Thus you need to have a Residential Rental Agreement. There are many services which cannot be availed without submitting address proof of your residence and this may vary from a simple service to the high-end services as well.
The document to be served as the proof of address must have address mentioned on it, also it is compulsory for that document to have your name along with your other personal details. There are many documents which can serve as the proof of address. However not every proof is accepted everywhere, this wholly and solely depends on the authority to which we have to submit the proof of address.
Residential Rental Agreement
This is also known by the name of Lease Agreement and it serves as the Proof of Address, for all kinds local services like gas connection, internet connection, opening a bank account, driving license, SIM card and also if you don’t have Aadhaar card this might help you elsewhere as well. This article explains you the things to know about Residential Rental Agreement and the procedure to obtain it from the government online.
The Advantages of Owning a Residential Rental Agreement:
- This can act as a direct income to the owner and provide you with a fixed monthly profit.
- The property value Growth adds to your gains as the price of the property keeps on increasing with time. However, the value growth is completely dependent on the area of the property.
- You can get additional benefits and more profits just by upgrading it a bit. So you get more gains without even investing much financial cost.
What Are the Disadvantages of Owning a Residential Rental Agreement?
- The rent of such a property consumes a significant portion of your income which could otherwise give you better gains in the market.
- The tenants do not guarantee the rent to be paid on time, this can bring some serious issues and legal action might have to be involved.
- The identity and social responsibility of the tenants could also be a challenge to the owner. Also, all the tenants are not good and their backgrounds need to be verified strongly for security reasons.
Follow the Procedure for Residential Rental Agreement
- The Rent Agreement must have Name and other personal details of both landlord and tenant.
- The landlord of the property must be verified that he is the legal owner of the property.
- The amount of rent should be clearly mentioned in the agreement to avoid any kinds of disputes.
- The period for which the contract has been made should also be clearly mentioned in the agreement.
- The other extra charges for amenities should also be decided in the agreement itself.
- All the property that is handed to the tenant along with the property should also be mentioned in detail in the agreement.
- The process and terms and conditions of premature termination of the lease should also be stated in the agreement itself.
After the creation of the agreement, the agreement is made to be registered. For Registration of Residential Rental Agreement, the agreement should be made on stamp paper and the registration amount needs to be paid to complete the procedure. Thus we hope you now know what the Residential Rental Agreement is and the procedure for it. If you need to know more details then unhesitatingly call us upon the phone number that we have mentioned on our website. Our representatives will shortly answer your call and will clear your doubts. We have skilled professionals team at Swarit Advisors, so feel free to contact us anytime.