It is a legal agreement between a landlord of a property and the tenant looking forward to renting there property for a given period of time. A rental contact is written on a stamp paper and includes the following information
- The name of the owner
- The name of the tenant
- The details of the property
- The amount of rent including grace period and due date of payment
- The term of the agreement
- Mode of paying the rent
- Charges of electricity, water, and maintenance
- Scenarios of contract termination before the expiration period
- The sum of security deposit and related terms and conditions
- Procedure for handling emergency requests
- Related rules and regulations
Format of Rental Agreement can be downloaded from here.
What are the types of rental agreements?
In India, basically, there are 2-types of rental agreements –
- A lease agreement
- A license agreement
- Long term lease
- Commercial lease
- Tenancy Agreement
- Short-term lease
