A rent agreement is a legal document that binds the homeowner and the tenant with a set of mutually agreed conditions.
A rental/lease agreement is a legal record stating that the owner and the tenant agree to a set of rental rules and the deal. A rent agreement includes the rules and conditions on which the house is rented. The contract consists of the tenant’s name and owner’s name, and the rental property address. A common mistake most people make is not to read any agreement before signing. Unlike earlier, it is simple to get a rental agreement generated online, but It is vital to get a copy of the contract and make sure you go through everything before you sign it.
Important things to check in detail before signing the rental agreement – understand rent tenure, rent amount, security deposit amount, rent payment date and what in case of delayed payment, facilities for the tenant, rent escalation clause, renewal terms after the contract expires, a process in the possibility of repair and damages, maintenance fees and other charges carefully.
Leasing a house is a task that may appear to be straightforward in the beginning. However, it can be overwhelming to come across some significant elements that needed your attention before moving into the house. Here are some questions that would help you to get clarity in terms of the above essential points that you should pay attention to in the rental agreement :
- Is society pet-friendly?
- What is the lease period for the rental flat? (Usually, the lease period is 11 months, but if you find an apartment of your choice and plans to stay longer, it is recommended to communicate and extend it for longer).
- Is there any additional maintenance fees for the society, or it included in the rental amount?
- What is the notice period to vacate the flat? (It is generally between 15 days to 2 months, it is always good to ask for at least one month notice period).
- Is there any other restriction?
- Can your relatives and friends visit or stay for some time?
Every community or apartment follows a set of terms and conditions to maintain a hassle-free residential experience. Some societies might be modest about having late-night parties, having pets, playing music loud or bringing friends or guests over all the time. Talk to neighbours, or feel free to ask your homeowner to clarify all your queries simply.
The final act
A rental or lease agreement is the final step in the process of renting a flat of your choice. Once you have understood the key points to watch out for in the legal document, it comes the time to wind up with the whole house-hunting process. In case you are yet to get the rental agreement drafted, do not worry. Rental sites/apps like MultiLiving allows you to generate rental agreement online. Register rental or lease agreement in 3 steps.
Share your details online
tenant/ owner can share all the required information as per the Rent agreement templates or fill in the details.
Get the Rental agreement drafted.
The rental agreement will be printed on the stamp paper of the requisite amount.
Get it delivered to your doorstep.
The stamped rental agreement will be delivered to you at your doorstep.
