A
lot of you want to either make use of some property or just generate an earning
from your owned property. The best thing to do is to give your property on
rent. But before you decide to do that, make sure you enter a residential rental agreement with your tenant,
this will provide the parties, you and your tenant with an agreement on
understanding that is authenticated with the signatures of both the parties on
the document. This will prevent any unnecessary disputes between the tenant and
the owner and legally will be able to follow the agreed terms and conditions
together.
So,
a rental agreement is basically a legal document that abides by the law. The parties
can use the rental agreement as evidence in the court of law in the case, there is any disagreement or ill behaviour that
wasn’t agreed within the residential rental
agreement terms and conditions.
When
can you use a rental agreement?
Here
is a Residential rental agreement format that you can
use in the situations that are as follows:-
1) In case, you want to let
out or give your house or an apartment on rent or a commercial place for
business.
2) You may use the format
to have an agreement written with your landlord or your tenant.
3) You may use the rental
agreement to register something with your local authorities.
What
Must a Regular Rental Agreement Cover?
1) A regular residential Rental Agreement must cover the amount
of rent as well as the submitted deposit.
2) It must have terms regarding
the electricity, water and other utility maintenance.
3) The terms must cover any
damages, any repairs or possible alterations.
4) What responsibility the tenant
will take.
5) What responsibility the
landlord will take.
6) Termination of the lease
should be mentioned in the residential rental
agreement.
7) Any possible extension
of the same lease should also be mentioned in the rental agreement.
8) And other miscellaneous
clauses that you might want to include apart from the above mentioned.
Now
we will see how we can make this written document legal and enforceable
Once
you are done with the write up of your agreed rental agreement, just check
everything up through the checklist below:-
1) The document must be
printed on a stamp paper of the legally recommended value.
2) Do ensure that both the involved
parties’i.e. the tenant and the landlord have signed the right bottom of the
legal document on a stamp paper.
3) There must also be a
witness to this residential rental agreement document, who also shall sign the
document along with his own residential address.
4) To the rental agreement,
attach any fixtures or schedules of the respective property.
What
could happen in case you rent out a property without any rental agreement?
A
rental agreement is a legal validation of your understanding with the opposite
party involved. Not having a residential
rental agreement will lead to possible insufficiencies legally in case of
any dispute arise?
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