A rental agreement is a contract, usually written, between the owner of a property and a renter who desires to have temporary possession of the property as distinguished from a lease which is more typically for a fixed term. ... The owner of the property may be referred to as the lessor and the renter as the lessee.
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What is rental agreement in India?
A rental agreement is a contract between a landlord and tenant whereby a landlord gives a tenant the right to occupy the residential premises. All the terms and conditions are mentioned in the agreement according to both the parties.
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1.Limties on Occupancy: Your agreement should clearly specify that the rental unit is the residence of only the tenants who have signed the lease and their minor children. This guarantees your right to determine who lives in your property — ideally, people whom you have screened and approved — and to limit the number of occupants.
2.Term of the tenancy: Every rental document should state whether it is a rental agreement or a fixed-term lease. Rental agreements usually run from month-to-month and self-renew unless terminated by the landlord or tenant. Leases, on the other hand, typically last a year. Your choice will depend on how long you want the tenant to stay and how much flexibility you want in your arrangement.
3.Rent: Your lease or rental agreement should specify the amount of rent, when it is due (typically, the first of the month), and how it’s to be paid.
4.Security Deposit: The use and return of security deposits is a frequent source of friction between landlords and tenants. To avoid confusion and legal hassles, your lease or rental agreement should be clear on the limit, use and return of deposits.
5.Repairs and Maintenance: Your best defense against rent-withholding hassles and other problems (especially over security deposits) is to clearly set out your and the tenant’s responsibilities for repair and maintenance in your lease or rental agreement.
6.Restrictions to tenant legal activity: To avoid trouble among your tenants and limit your exposure to lawsuits from residents and neighbors, you should include an explicit lease or rental agreement clause prohibiting disruptive behavior, such as excessive noise, and illegal activity, such as drug dealing.
7.Other Restrictions: Be sure your lease or rental agreement complies with all relevant laws including rent control ordinances, health and safety codes, occupancy rules, and anti-discrimination laws. State laws are especially key, setting security deposit limits, notice requirements for entering rental property, tenants’ rights to sublet or bring in additional roommates, rules for changing or ending a tenancy.