What is a Residential Rental Agreement?
The residential rental agreement is usually defined as a written document that exists between the owner of a property and a renter who desires to own temporary possession of the property of the landlord.
It sets out the foundations between landlords and tenants who conform to follow in their rental relationship. It's a legal contract that is choked with crucial business details, like how long the tenant will reside within the property and also the amount of rent due every month.
Advantages of a Residential Rental Agreement
- Fosters Smart Relations
Land lord and tenant is crucial to a decent account between the 2 parties.
- Legal Protection
When a deal involves such an outsized quality, you would like a document in situ that gives legal protection just in case any action of the opposing party contradicts its terms.
Types of Rental Agreement
- 11 Month Rental Agreement
One of the foremost common options which deal with getting into a property rental deal is that the prevalence of the eleven-month rental agreements. It is a comprehensive agreement, protecting the rights of each landlord.
But residential rental agreement that is over twelve months has to be compelled to abide by strict rent management laws that are largely favourable to the tenants.
- Transfer of Property
Also, the possession of the property gets transferred from the landlords to the tenants. Landlords don't value more highly to enter into rental agreements that are over twelve months as they are more in favor of tenant.
Which Documents are Required for Residential Rental Agreement?
- Mainly Aadhaar card and PAN card being valid proof shall be required of all parties (Landlord, Tenant and a pair of witnesses). If any other required document.
- Time to deliver document.
- We can deliver all of your documentation necessities in barely four working days.
Frequently Asked Questions
The term “Residential Rental Agreement” means a contract signed between the owner and tenant of a property.
The term Tenant means a person who wishes to take the temporary possession of the property.
The term Security Deposit means the advance paid by the tenant to the landlord the time of taking possession of the property.
At the time of cancellation of the contract or when the tenant decides to give the possession of the property back, the landlord needs to refund the security deposit to the tenant.
A landlord can use a part of the security deposit in the repairing of electrical appliances, furniture, etc.
The term rent denotes the consideration given by the tenant to the landlord in exchange for the use of the property.
The insurance clause denotes whether the tenant is liable for insurance of the property or not.
The advantages of a Residential Rental Agreement are Promotes Occupational Relationships, Legal Security, Suitability, Liquidity, Immediate Effect, Protects Unexpected Incidents, etc.
To know about the documents required, kindly refer the service page content mentioned above.
Yes, as per section 188 of the Indian Penal Code, it is mandatory for the landlord to obtain police verification of the tenant.
The term Fair Rent means the market rent or rent, which apart from giving a reasonable rate of return to the owner, covers the variable costs of renting as well.
The main components of a Residential Rental Agreement are Name of the Tenant, Limits of Occupancy, Terms of Occupancy, Rent Amount, Security Deposits, Restrictions Imposed, Allowance of Pets, Entry to Rental Property, and Repairs and Maintenance.
All the Residential rental agreements which are beyond the period of 11 months must be registered compulsorily under Section 17 of the Indian Registration Act.