In this fast developing world, the mutual trust is decreasing day by day, you should secure your property-related agreements through a legal contract or binding in a satisfactory format and a residential rental agreement is one of them, where the owner and the tenant agrees to few terms and conditions. No matter whether you are a landowner owning a property or an occupant hoping to lease a property, it’s imperative that you make use of a legitimate residential rental agreement that can include all the terms and conditions and purposes of both the parties involved. The residential rental agreement ought to be error free to ensure the interests of both the parties and the document should be referred to as a proof in the case if any dispute occurs.
Check If The Owner Is Actual Owner Of The Property?
Before you consent to the residential rental agreement, make sure that the individual you are interacting with, is the genuine proprietor of the property. Most of the times, NRIs or speculators hand over their property to caretakers, who may rent it to an outsider without the knowledge of the actual owner.
Along these lines, you ought to confirm the title documents, for example, the sale deed and share certificate, rather than acquiring a no-objection certificate (NOC) from the lodging society where you need to rent the property. “If in case, the property or the apartment is sold, the original sale deed will be under the custody of the bank. In such a case, a NOC ought to be acquired from the bank. This will specify the legitimate owner’s name.
What Does Residential Rental Agreement Contain In Its Document?
A Residential Rental Agreement incorporates the terms and conditions under which the property is given on the rent. It includes the rent value and the time period for which the agreement has been made, and in addition the security amount also that should be stored with the proprietor by the tenant. The agreement ought to clearly specify the day preceding which the rent is relied upon to be paid. In the case, that the tenant neglects to pay the rent before the mentioned time period, the penalty charges that he would be at risk to pay will be mentioned in the agreement. The rental agreement could also include the facilities, for example, parking spot or the utilization of society’s gym, included in the property. There could be extra monthly charges, for the society maintenance and further club expenses. It will be ideal if the extra charges for utilizing such facilities are clearly mentioned alongside the tenant who is supposed to bear them.
The tenure of the Residential Rental Agreement is typically 11 months, until and unless it is mentioned in the agreement. If it is more than a year then it is compulsory for the proprietor to get the document registered. The agreement must indicate the notice time period and punishment for dropping the agreement without completing the predefined period. Commonly, a two-month notice period is served in the case of high investment properties, while the one-month notice is adequate for low rental ones.
A tenant ought to confirm whether the proprietor has incorporated a rent escalation condition in the Residential Rental Agreement or not, which could be utilized to expand the rent in the following two or three months. The most ideal approach to protect yourself is to guarantee that the Rental Agreement indicates the dates on which the rent escalation will be pertinent and the level of increment as per the advice of the specialists.
Are you looking for the help of professionals who can help you in understanding the terms & conditions of the agreement in case if you are befuddled with the lawful words in the agreement? We at Swarit Advisors are the best in offering legal procedure services to our customers whenever they need. You have the right to go through the documents and the bills related to the rented property that has been paid. We can help you with the better understanding of the Residential Rental Agreement to avoid any sort of mishaps.
