A Rent Agreement is a document between the Landlord and the Tenant to discuss the terms in which the Rented Property would be leased for a certain period where the Tenant would be in the possession of the property for acertain period.
Important Points to Remember while Drafting a Rent Agreement
- Description Clause – The agreement must document the Names ,Age and Addresses of the Tenant and the Landlord to showcase the identity of the two parties .
- Period – The Agreement must mention the Period of Stay of the Tenant.
- Rental amount and Security Deposit – The Monthly Rental amount and Security deposits are important consideration in a contract in favor of the Landlord
- Security deposit and token amount : The agreement must clearly mention the security deposit and what happens to it, when you leave the premises. It should also mention the token amount that the landlord has received from you.
- Repairs : The agreement must mention who will bear the costs associated with wear and tear.
- Maintenance Charges – The Maintenance Charge should be paid by the Tenant.
- Conditions to vacate the property – The agreement should mention the Conditions of the Landlord regarding the Vacating of the Property by the Tenant.
- Damages to property – The agreement should also disclose the damages to the property caused by the Tenant and the consequences on the Tenant.
- Rules on Subletting – For the protection of the Landlord, strict rules regarding subletting should be mentioned.
- Restrictions on both parties – The Agreement shall also mention the Restriction if any on both the parties. Example- The Landlord can add a No Pet Policy in the Agreement to which the Tenant must adhere to
- Signatures of the tenant and the landlord – The Agreement would be valid only when both the Tenant and the Landlord consent to the agreement. Such consent is captured through the signature of Tenant and Landlord.
These are the main requirements while a person is Drafting a Rent Agreement between the Tenant and the Landlord