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.
