A collective agreement on stated terms and conditions should be inked by both parties.
When the letter and boarder subscribe the rental agreement or parcel deed, they agree to the terms and conditions stated in the agreement.
As per the rental agreement, there will be a payment of rent deposit between the letter and the boarder.
Rent Agreement Format
This legal document can be substantiated by courts during any disagreement as the rental agreement is forced by law.
You’ll have to payRs. 100 or further to publish the rental agreement terms and conditions on anon-judicial stamp paper.
It’s important that two clones of the rental agreement should be executed and both the parties should have one original dupe each.
This agreement format holds the rights and scores of landlord and tenant so that there’s no confusion in the future.
Types Of Rent Agreement
It has come relatively important to reserve the rights of landlord and tenant through legal documents.
According to the demand of the tenant, the Rental agreement format is made. There are four main rental agreements which are explained in the below points
Fixed- term or long- term parcel agreement The rental agreement will be for 12 to 15 months, hence, it’s stated as a fixed- term or long- term parcel agreement.
Short- term parcel agreement This reimbursement agreement lasts from 3 to 6 months. . It should be noted that this parcel agreement doesn’t get renewed unless tenants ask for it. This type of parcel agreement is also salutary for the tenants when they’re looking for a rental house on a short- term base.
Rent- to- own parcel agreement This type of parcel agreement is made when the buyer is handed with an option to rent that specific property for a certain period of time before they decide to buy the property. In this type of agreement, there are two kinds of rent- to- own agreements a parcel option agreement, where buying the property is voluntary after the parcel ends, and a parcel- purchase agreement requires the tenants to buy the property once the parcel agreement ends.
Month- to- month parcel agreement In this rental agreement, the rental parcel gets renewed automatically every month until any of them provides a 30 days notice. This kind of rental agreement is the stylish option for those landlords who want to rent out their property for a shorter period of time.