The rental agreement is prepared by a real estate agent hired by the landlord and the tenant. To legalize the rental agreement, both parties must sign the contract in front of two witnesses who are non-beneficiaries of the property.
A verbal tenancy agreement is an oral agreement between the tenant and the landlord. A verbal agreement decides the basic terms of the tenancy, such as the amount of rent, the duration, etc. Yet, all the rights and responsibilities of the tenant and landlord must be implied under the law due to the absence of any written agreement.
Primarily tenancy agreements are written agreements between the landlord and the tenant. A written agreement specifies the terms and conditions of the tenancy in written form, and it must be duly signed by the landlord and the tenant in the presence of two witnesses. A copy of the tenancy agreement must be given to the tenant, and in cases of a joint tenancy, a copy of the tenancy agreement must be given to each tenant.
The rent agreement should be either for commercial or residential purposes only. The stamp duty is 1% of the total rent and includes the deposit paid annually.
The rent agreement is commonly terminated upon the expiry of the agreement; however, it can also be terminated during the tenancy period. The rented property can then be left according to the lock-in period. In such a case, the tenant ensures that he collects his deposit from the owner.
These types of agreements require to be registered if the duration of the tenant’s stay is more than 11 months.
Yes, securing police verification for the property to carry out a complete background check on the tenant would be crucial.
Yes, a rent agreement usually includes the landlord’s insurance taken out for the contract.
The security deposit is a lump sum given as a security deposit by the tenant to the landlord.